Luby's pays off its debt

So it may not be news that'll change the world, but the future of one of Houstonist's childhood icons looks secure: Luby's has paid off its outstanding debt, the result of a three-year business plan to get the cafeteria chain back on its feet.

Chris and Harris Pappas took Luby's over in 2001, and by 2003 the chain was more than $124 million in debt, with many of its 218 locations underperforming. In April 2003, the company announced a plan to sell more than 50 of its cafeterias and use the revenue to reduce outstanding debt companywide; today, the debt repayment is complete and Luby's still has six locations to sell. Since the Pappas took over, the chain has had seven straight quarters of growth and plans to open two new locations next year.

All of which is to say that it doesn't look like Luby's is in danger of closing anytime soon — news that makes us happy, to the dismay of our out-of-town friends who wonder why we get excited over cafeteria food. But hey, when you grew up on cubed Jell-O and cheese sticks, you ... uh ... well, you like it anyway.