Lubys, which operates Lubys Cafeterias and Fuddruckers restaurant chains, has received approval from its stockholders for the liquidation and dissolution of the company.
The approval enables the sale of the companys assets and distribution of the net proceeds to the stockholders before completing the remaining operations.
Lubys said that 99% of its shareholders voted in support of the liquidation.
The company is looking to convert its complete assets into cash and satisfy or resolve its remaining liabilities and obligations before filing for dissolution.
The assets to be sold include operating divisions Lubys Cafeterias, Fuddruckers chains and its Culinary Contract Services business and real estate holdings.
Commenting on the develop…
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