Luby's repays $2.8 million bank debt

New York, Jan. 1 - Luby's Inc. said it repaid a further $2.8 million of its bank debt in its fiscal first quarter, which ended Nov. 19.

At the end of the quarter, the San Antonio, Texas, restaurant operator had $88.8 million of bank borrowings. The first quarter repayments were primarily funded from the sale of real estate.

Luby's previously said it paid down $14.6 million of bank debt in its fiscal fourth quarter, also primarily funded from the sale of real estate.

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