HOUSTON, March 20, 2020 /PRNewswire/ -- Luby's, Inc.
(NYSE: LUB) ("The Company") announced today that, as a result of
the COVID-19 outbreak, it has temporarily suspended all operations
at 25 Fuddruckers restaurants and 14 Luby's Cafeterias to comply
with applicable governmental requirements and due to operating
realities. The Company will continue to monitor requirements
related to COVID-19, and it will periodically re-evaluate and
determine when its restaurants will reopen. The State of Texas has issued an executive order
closing in-restaurant dining throughout the State, effective
midnight Friday, March
20th through midnight April 3rd. Dallas and Houston had previously issued similar
orders.
The safety, health and well-being of our guests and employees
are our highest priority, and we are working diligently throughout
our organization to ensure precautionary health measures for
everyone and we have taken important steps to elevate our focus
beyond our customary high standards of sanitation, cleaning and
employee hygiene. The Company is closely reviewing guidance from
the Centers for Disease and Control Prevention (CDC), as well as
local health authorities, and we are following their guidance to
keep people safe.
To serve our guests during these times, we will continue to
operate 64 Luby's Cafeterias and 8 Fuddruckers restaurants via
carry-out, drive-thru, online ordering, ordering via our brand
apps, delivery, and third party delivery (depending on location)
via DoorDash.com / FavorDelivery.com / GrubHub /
UberEats.com and Waitr.
The number of operating restaurants is subject to change as we
adjust operations in response to the COVID-19 outbreak and
governmental requirements. Please visit our websites for
updated information and recommended guidelines as we continue to
assess the situation over the coming weeks and months: Lubys.com /
Fuddruckers.com / Lubysinc.com
It is our honor to serve our guests and our communities, and we
look forward to serving them at our open locations. We anxiously
await the opportunity to reopen our temporarily suspended locations
as soon as conditions improve.
At this time, neither the duration nor scope of the disruption
can be predicted, therefore, the negative financial impact to our
results cannot be reasonably estimated. We will provide an update
during our Q2 FY2020 earnings announcement.
About Luby's
Luby's, Inc. (NYSE: LUB) operates 119 restaurants nationally as
of December 18, 2019: 78 Luby's Cafeterias, 40 Fuddruckers,
one Cheeseburger in Paradise restaurants. Luby's is the franchisor
for 97 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Colombia, and Panama. Luby's Culinary Contract Services
provides food service management to 33 sites consisting of
healthcare, corporate dining locations, sports stadiums, and sales
through retail grocery stores.
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 under the caption
"Outlook" and any other statements regarding scheduled openings of
units, scheduled closures of units, sales of assets, expected
proceeds from the sale of assets, expected levels of capital
expenditures, effects of food commodity costs, anticipated
financial results in future periods and expectations of industry
conditions.
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 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.
For additional information contact:
Dennard Lascar Investor
Relations
Rick Black / Ken Dennard
Investor Relations
LUB@dennardlascar.com
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SOURCE Luby's, Inc.