HOUSTON, Nov. 10, 2020 /PRNewswire/ -- Luby's. Inc.
("Luby's" or the "Company") (NYSE: LUB), announced that, at the
initiation of the Special Committee of the Board of Directors, the
Company has retained JLL (NYSE: JLL) to assist it in the orderly
sale of the Company's real estate holdings as part of its
previously announced sale of operating divisions and assets,
including real estate assets. The Company currently operates 60
Luby's Cafeteria restaurants and 24 Fuddruckers restaurants.
The Company has proposed a plan of liquidation and dissolution
(the "Plan") to maximize stockholder value. Under the Plan, the
sale of the Company's assets would be followed by payment of
liabilities and subsequent distribution of net proceeds to the
Company's stockholders. Afterwards, the Plan calls for the
Company to be dissolved.
The Company previously filed with the SEC a proxy statement
regarding, among other things, the Company seeking approval of the
Plan by stockholders. The Company has scheduled a
stockholders meeting to approve the Plan on November 17, 2020.
The Special Committee noted that the hiring of JLL to assist the
Company in marketing and selling its real estate holdings is the
next logical step in executing the Plan and to help facilitate
obtaining the highest values on the best terms for the real estate
holdings of the Company, all in an effort to maximize stockholder
value.
Important Additional Information filed with the
SEC
The Company has filed with the U.S. Securities and Exchange
Commission (the "SEC") a definitive proxy statement and a
supplement thereto (together, the "Definitive Proxy Statement") and
other relevant materials. THE COMPANY'S STOCKHOLDERS ARE URGED TO
READ THE DEFINITIVE PROXY STATEMENT AND THE OTHER RELEVANT
MATERIALS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE
COMPANY AND THE PLAN. Stockholders may obtain a free copy of the
Definitive Proxy Statement and the other relevant materials, and
any other documents filed by the company with the SEC, at the SEC's
web site at http://www.sec.gov. A free copy of the Definitive Proxy
Statement and other documents filed with the SEC by the Company may
also be obtained by directing a written request to: Luby's, Inc.,
Investor Relations, 13111 Northwest Freeway, Suite 600,
Houston, Texas 77040 or at
http://www.lubysinc.com/investors/filings. Stockholders are urged
to read the proxy statement and the other relevant materials when
they become available before making any voting or investment
decision with respect to the Plan.
Participants in the Solicitation
The Company and its directors and executive officers are
participants in the solicitation of proxies from the Company's
stockholders. Information about the participants and any interests
they have in the Plan are set forth in the Definitive Proxy
Statement. Additional information regarding these individuals may
be found in the Company's proxy statement for its 2020 annual
meeting of stockholders, which was filed with the SEC on
December 30, 2019. These documents
may be obtained free of charge at the SEC's website at www.sec.gov.
In addition, stockholders may obtain free copies of the documents
filed with the SEC by the Company by directing a written request
to: Luby's, Inc., Investor Relations, 13111 Northwest Freeway,
Suite 600, Houston, Texas 77040 or
at http://www.lubysinc.com/investors/filings.
About Luby's
Luby's, Inc. (NYSE: LUB) operates two core restaurant brands:
Luby's Cafeterias and Fuddruckers. Luby's is also the franchisor
for the Fuddruckers restaurant brand. In addition, through its
Luby's Culinary Contract Services business segment, Luby's provides
food service management to sites consisting of healthcare,
corporate dining locations, sports stadiums, and sales through
retail grocery stores.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that
specializes in real estate and investment management. JLL shapes
the future of real estate for a better world by using the most
advanced technology to create rewarding opportunities, amazing
spaces and sustainable real estate solutions for our clients, our
people and our communities. JLL is a Fortune 500 company with
annual revenue of $18.0 billion in
2019, operations in over 80 countries and a global workforce of
over 92,000 as of September 30, 2020.
JLL is the brand name, and a registered trademark, of Jones Lang
LaSalle Incorporated. For further information, visit jll.com.
Forward Looking Statements
This press release contains statements that are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements
contained in this press release, other than statements of
historical fact, are "forward-looking statements" for purposes of
these provisions, including the statements regarding sales of
assets, effects of the Plan, expected proceeds from the sale of
assets, and expected proceeds to be distributed to
stockholders.
Luby's cautions readers that various factors could cause its
actual financial and operational results to differ materially from
those indicated by forward-looking statements made from
time-to-time in news releases, reports, proxy statements,
registration statements, and other written communications, as well
as oral statements made from time to time by representatives of
Luby's. The following factors, as well as any other cautionary
language included in this press release, provide examples of risks,
uncertainties and events that may cause Luby's actual results to
differ materially from the expectations Luby's describes in such
forward-looking statements: general business and economic
conditions; the effects of the COVID-19 pandemic; the impact of
competition; our operating initiatives; fluctuations in the costs
of commodities, including beef, poultry, seafood, dairy, cheese and
produce; increases in utility costs, including the costs of natural
gas and other energy supplies; changes in the availability and cost
of labor; the seasonality of Luby's business; changes in
governmental regulations, including changes in minimum wages; the
effects of inflation; the availability of credit; unfavorable
publicity relating to operations, including publicity concerning
food quality, illness or other health concerns or labor relations;
the continued service of key management personnel; and other risks
and uncertainties disclosed in Luby's annual reports on Form 10-K
and quarterly reports on Form 10-Q. Further information regarding
the risks, uncertainties and other factors relating the Plan, the
expected net proceeds from the sale of assets, and expected
proceeds to be distributed to stockholders, are discussed under the
section "Risk Factors" in the definitive proxy statement that has
been filed with the SEC in connection with the Plan.
For additional information contact:
Dennard Lascar Investor
Relations
Rick Black / Ken Dennard
LUB@dennardlascar.com
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SOURCE Luby's, Inc.