SAN ANTONIO – The Texas restaurateurs behind Pappadeaux Seafood Kitchen and Pappasito’s Cantina could swoop in and save Luby’s, which earlier this month announced it would liquidate and dissolve the company.
Christopher and Harris James Pappas entered a confidentiality agreement with Luby’s on Sept. 11 to obtain the company’s financial records as they decide whether or not to acquire the 73-year-old Texas institution, according to a document filed with the Securities and Exchange Commission. Luby’s Inc. owns Luby’s Cafeteria and Fuddruckers.
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The document states Christopher Pappas has served as the president and chief executive officer of Luby’s since 2001. Harris Pappas was the chief operating officer of Luby’s until he retired in 2011, and a member of the board of directors until January 2019, when he resigned.
Both are owners of Houston-based Pappas Partners, L.P. and Pappas Restaurants Inc., which do not own Luby’s.
That restaurant empire does own Pappadeaux Seafood Kitchen, Pappasito’s Cantina, Pappas Bros. Steakhouse, Pappas Burger, Pappas Seafood House and Pappas Bar-B-Q.
The Houston Chronicle was first to report the potential acquisition on Monday.
The newspaper also reported the Chief Operating Officer Benjamin Coutee will receive a raise in his base salary, from $283,000 to $300,000.
Days before the SEC filing, the board of directors of Luby’s Inc. announced it adopted a plan to liquidate and dissolve the company. The vote followed an announcement on June 3 that the company sought to sell its assets.
Closing dates for several restaurants have yet to be announced, and as of recently, Luby’s promoted giveaways, online ordering and free kids meals on social media.