Luby’s (NYSE: LUB) stock price complemented its already steady gains with an 11.25% hike in mid-Friday trading, after the completed sale of 88 real estate properties.
Luby’s, the parent company of the cafeteria-style chain of restaurants, gave its investors something to smile about today, extending the bullish run by a further 11% jump to a current stock price of $4.65.
Luby’s has seen promising gains over the last year, but the company has decided to benefit its shareholders further with a long process of monetizing company assets for liquidity – including today’s deal with STORE Capital for the sale of 26 real estate properties for a grand total of $88 million, of which a sizeable segment went to repay its main lender MSD PCOF Partners VI.
Since June, the restaurant chain has closed on a further 34 real estate assets, the Fuddruckers franchise business unit and the Luby’s Cafeterias brand name as well as numerous operational locations.
In the final strands of the company liquidation plan, Luby’s is still looking for buyers for Luby’s Culinary Contract Services and the Luby’s packaged food branch, as well as selling off its final assets in real estate.
Luby’s stock price is currently trading at $4.65 after much of its momentum dissipated soon after the news release.
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