Who can remember heading to the Victoria Mall for some amazing home cooking from Luby's? Well, it's been a while since our Luby's location has closed here in the Crossroads, but the rest of Texas is about to say goodbye to a longtime favorite as the company has announced they are saying goodbye.

KHOU.com reports this information comes from a press release issued by Luby's on Tuesday.

In June, Luby's announced plans to look into selling operating divisions and assets and to give the net proceeds to stockholders after paying off debt. While Luby's officially announced their plans to end the business, this plan must still be approved by the stockholders. That meeting is upcoming but has not yet been scheduled.

Right now it looks as though estimates from the sell-off could round up around one hundred million dollars. As of September 2, there are some 30 million-plus shares of common stock valued at $3 to $4 per share.

Did you have a favorite menu item at Luby's? What was it? Have you found another restaurant that is a suitable substitute? We'd love to let others so let us know.

Enter your number to get our free mobile app