8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 23, 2020

LUBY’S, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

1-8308	74-1335253
(Commission File Number)	(I.R.S. Employer Identification No.)
13111 Northwest Freeway, Suite 600 Houston, Texas	77040
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (713) 329-6800

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange at which registered
Common Stock ($0.32 par value per share)	LUB	New York Stock Exchange
Common Stock Purchase Rights	N/A	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On March 23, 2020, as the result of the COVID-19 pandemic, all senior management and other salaried employees will have their base salaries temporarily reduced by 50% until further notice. This reduction will be periodically reassessed as the situation regarding COVID-19 pandemic develops. Accordingly, the base salaries of our Named Executive Officers, other than Christopher J. Pappas who is currently receiving one dollar ($1), are temporarily reduced as follows:

Name	Temporary Base Salary
Benjamin T. Coutee	$	141,500
K. Scott Gray	$	171,000

Item 7.01. Regulation FD Disclosure.

On March 24, 2020, Luby’s, Inc. issued a press release providing an update of the Company's response to and impact from COVID-19. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits. The following exhibit is filed herewith.

Exhibit 99.1 Press release dated March 24, 2020

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Luby’s, Inc.
Date: March 24, 2020	By: /s/ Christopher J. Pappas
	Christopher J. Pappas       President and Chief Executive Officer

EX-99

	For additional information contact:
FOR IMMEDIATE RELEASE	Dennard Lascar Investor Relations
	Rick Black / Ken Dennard
	Investor Relations
	LUB@dennardlascar.com

Luby’s Takes Additional Steps to Mitigate the Impact of COVID-19

Some Restaurants Will Continue to Serve Guests

Administrative Cost Saving Measures to be Implemented

HOUSTON, TX – March 24, 2020- Luby’s, Inc. (NYSE: LUB) (“The Company”) announced today that, as a result of the rapidly evolving COVID-19 pandemic, the Company is taking additional proactive steps to mitigate negative financial and operational impacts. Accordingly, it has temporarily suspended all operations at 29 additional Luby’s Cafeterias and 5 additional Fuddruckers locations as well as our only Cheeseburger in Paradise location. We currently continue to operate 34 Luby’s Cafeterias and 3 Fuddruckers restaurants to serve our guests during these times. It is our honor to serve our guests and our communities at our open locations, and we eagerly await the opportunity to reopen our temporarily suspended locations as soon as conditions improve.

Also, as the result of the COVID-19 pandemic, the Company will place more than half of its corporate office general and administrative staff on furlough and the Company’s remaining general and administrative staff and all senior management and other salaried employees will have their salaries temporarily reduced by 50%. The pay cuts are to last until further notice and will be periodically reassessed as the situation regarding COVID-19 develops. Further, the Company has determined to dramatically reduce its planned advertising expenses. These cost savings are intended to partially mitigate the financial impact to the Company at this time. The Company will continuously adjust its response to the pandemic until its threat to the Company’s operations fades and its restaurants reopen.

To serve our guests during these times, we will continue to operate 34 Luby’s Cafeterias and 3 Fuddruckers restaurants via carry-out, drive-thru, online ordering, ordering via our brand apps, delivery, and third party delivery (depending on location) via DoorDash.com / FavorDelivery.com / GrubHub / UberEats.com and Waitr.

As the safety, health and well-being of our guests and employees are our highest priority, and we are continuing to work diligently throughout our organization to implement precautionary health measures for everyone and we have taken important steps to elevate our focus beyond our customary high standards of sanitation, cleaning and employee hygiene. The Company is closely reviewing guidance from the Centers for Disease and Control Prevention (CDC), as well as local health authorities, and we are following their guidance to keep people safe.

The number of operating restaurants is subject to change as we adjust operations in response to the pandemic and governmental requirements. At this time, neither the duration nor scope of the disruption can be predicted, therefore, the negative financial impact to our results cannot be reasonably estimated. We will provide an update during our Q2 FY2020 earnings announcement. Please visit our websites for updated information and recommended guidelines as we continue to assess the situation over the coming weeks and months: Lubys.com / Fuddruckers.com / Lubysinc.com.

About Luby’s

Luby’s, Inc. (NYSE: LUB) operated 119 restaurants nationally as of December 18, 2019: 78 Luby’s Cafeterias, 40 Fuddruckers, one Cheeseburger in Paradise restaurants. At December 18, 2019, Luby's was the franchisor for 97 Fuddruckers franchise locations across the United States (including Puerto Rico), Canada, Mexico, Colombia, and Panama. Luby's Culinary Contract Services provided food service management to 33 sites at December 18, 2019 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 under the caption “Outlook” and any other statements regarding scheduled openings of units, scheduled closures of units, sales of assets, expected proceeds from the sale of assets, expected levels of capital expenditures, effects of food commodity costs, anticipated financial results in future periods and expectations of industry conditions.

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 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.