HOUSTON, Feb. 1, 2021 /PRNewswire/ -- Luby's, Inc.
("Luby's" or the "Company") (NYSE: LUB), announced that
John Garilli has been appointed
Luby's Interim President and Chief Executive Officer effective
January 27, 2021, as Christopher Pappas stepped down as President and
Chief Executive Officer as part of the Company's plan of monetizing
its assets for the benefit of shareholders. Mr. Pappas remains a
member of the Board of Directors of Luby's, Inc and its largest
shareholder.
Mr. Garilli, age 56, has been a member of Winthrop Capital
Advisors LLC ("WCA") and its affiliates since 1995 serving in
various capacities, currently as President and Chief Operating
Officer. Mr. Garilli has served as Chief Executive Officer,
President, Chief Financial Officer, Treasurer, and Secretary of New
York REIT Liquidating LLC ("NYRTLLC") since November 2018 and served as the Chief Executive
Officer of its predecessor, New York REIT, Inc. ("NYRT"), a
NYSE-listed real estate investment trust, from July 2018 to November
2018, and as Chief Financial Officer, Secretary, and
Treasurer of NYRT from March 2017 to
November 2018. Mr. Garilli served as
Chief Accounting Officer of Winthrop Realty Trust ("WRT"), a
NYSE-listed real estate investment trust, from 2006 until his
appointment as Chief Financial Officer in 2012, a position held
until its liquidation in August 2016.
Mr. Garilli worked in a similar capacity at WRT's successor,
Winthrop Realty Liquidating Trust, from August 2016 until its liquidation was completed
in December 2019. Mr. Garilli holds
an MBA from Babson College and a BA
from the College of the Holy Cross.
Chris Pappas, commented, "With
Luby's planned liquidation under way, including its Luby's
operations, the franchisor of Fuddruckers, its Culinary Contract
operations, and extensive real estate holdings, the time has come
for me to step aside as CEO. I am pleased John Garilli is joining the Company, for he
brings extensive executive experience in real estate transactions
as well as management of corporate liquidations. I have great
admiration and gratitude for the guests, dedicated employees, and
stakeholders I have had the privilege to serve and work with over
the past two decades. I will remain on the Board and continue to be
a shareholder of the company and regular Luby's customer."
Gerald Bodzy, Chairman of Luby's,
Inc., on behalf of the Board, thanked Mr. Pappas for his more than
20 years of dedication and leadership at Luby's Cafeterias,
Fuddruckers and Culinary Contract services, as well as his tireless
commitment to the many generations of loyal guests and team
members.
The Company continues to operate 58 Luby's Cafeterias
and 24 Fuddruckers, as well as Culinary Contract Services at
26 locations, while pursuing sales of these businesses as part of
its liquidation plan. Operationally, it is busines as usual as we
progress through this plan to find new stewards for these iconic
brands.
About Luby's
Luby's, Inc. (NYSE: LUB) operates two core restaurant brands:
Luby's Cafeterias and Fuddruckers. Luby's is also the franchisor
for the Fuddruckers restaurant brand. In addition, through its
Luby's Culinary Contract Services business segment, Luby's provides
food service management to 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 regarding sales of
assets, effects of the plan of liquidation, expected proceeds from
the sale of assets, and expected proceeds to be distributed to
stockholders.
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 effects of the COVID-19 pandemic; 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
LUB@dennardlascar.com
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SOURCE Luby's, Inc.