Houston-based restaurant chain Luby's plans to shut down all locations and liquidate, the company announced on Tuesday.

Luby's had been struggling for years, according to the Houston Business Journal. It shut down and sold low-performing restaurants, but sales continued to decline.

Same-store sales dropped 4.2% during the company's 2019 fiscal year, according to its annual report.

Luby's announced the decision to liquidate in a news release.

"The Company believes that the sale of assets pursuant to its monetization strategy and the dissolution will provide stockholders with an opportunity to receive cash distributions that maximize the value of their investment," according to the news release. "The assets to be sold include operating divisions Luby's Cafeterias, Fuddruckers, and the Company's Culinary Contract Services business, as well as the Company's real estate."

Luby's, however, could still be sold if the company receives a "compelling offer," CEO Christopher J. Pappas said in the news release.

"We believe that moving forward with a Plan of Liquidation will maximize value for our stockholders, while also preserving the flexibility to pursue a sale of the Company should a compelling offer that delivers superior value be made," Pappas said in the news release. "The Plan also continues to provide for the potential to place the restaurant operations with well-capitalized owners moving forward."

The first Luby's opened in Houston during 1965, according to the Houston Chronicle. By 2019, the chain had 78 locations.

The liquidation plan must be approved by shareholders.