Luby’s, the Houston-based cafeteria chain, announced in a news release Monday that it plans to close more restaurants in an effort to reduce its debts.
The chain, famous for its "LuAnn" platter and beloved by many Texans as an after-church lunch locale, said that it hopes to raise $20 million through the sale of some locations. Luby’s previously announced a plan to sell 14 properties in an effort to raise $25 million, according to the Houston Chronicle, which also reports the company is trying to pay down $44.2 million in outstanding debt.
"A Luby's spokesman declined to say how many additional stores will be affected in the expanded round of closures, nor give a timeframe," according to the Chronicle.
According to the Luby’s website, the restaurant operates four locations in Austin, one in Round Rock and one in San Marcos.
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