The fate of Luby’s has finally been determined.
The iconic cafeterias, established in 1947, were sold Monday to entrepreneur Calvin Gin, who intends to keep the 43 Texas restaurants open. More than 10 are in the Houston area.
They will keep the Luby’s Cafeteria brand, and plans indicate some 1,000 employees will remain at their current restaurants.
The deal does not include any Luby's real estate. Most of that will be sold, and the new Luby's Restaurants Corporation would need to negotiate leases with the properties' new owners.
The Gin family founded The Flying Food Group, a Chicago firm that's the third largest airline catering company in North America. Calvin is also a co-founder and partner in businesses such as Helios Visions, WorkPlate, and Charming Studios.
PHOTO: Creative Commons