HOUSTON — Houston-based Luby’s is one step closer to liquidating, after an advisory firm recommended that stockholders vote in favor of a plan when they meet next week. It's a plan that would liquidate and dissolve the company.
“The board appears to have conducted a robust, multi-year process prior to making the decision to dissolve and liquidate the company,” reported advisory firm Institutional Shareholder Services.
Editor's note: Video above is from an earlier report
Back in September, Luby's Inc. board members voted to liquidate and dissolve the company's "businesses, operations, and real estate" and institute an "orderly wind down of any remaining operations."
In June, the company announced it would look into the sale of its operating divisions and assets, including real estate, and distribute the net proceeds to stockholders after payment of debt and other obligations.
The shareholders vote is November 17.
If shareholders vote in favor, it could still take a year or more for Luby's to sell off its business operations, reports the Houston Business Journal.