Fuddruckers parent Luby's furloughs half of corporate office staff, cuts pay for other half by 50%

Luby's Inc. said Tuesday that it will furlough half of its corporate office general and administrative staff due to the coronavirus outbreak. All other salaried workers, including senior management, will see their pay halved. These actions will be in place until further notice. Advertising will also be reduced as a cost-saving measure. Luby's still operates 34 Luby's Cafeterias and 3 Fuddruckers restaurants as carry-out, drive-thru and delivery businesses. The company has 78 Luby's Cafeterias, 40 Fuddruckers and one Cheeseburger in Paradise location as well as nearly 100 franchised restaurants and a foodservice business. Luby's stock sank nearly 10% in Tuesday premarket trading, and is down 66% over the past year. The S&P 500 index has tumbled 20.1% for the last 12 months.