We did a Fiesta theme one year and served all the fixings for tacos/ taco salads. That was really easy. The PTO bought the meat and some other things and parents donated lettuce, tomatoes, olives, salsa, chips, sour cream, cheese, etc. We also had some parents donate desserts and 2-liter bottles of pop.
Another year was kind of picnic themed-red check tablecloths, some little buckets with geraniums to decorate the tables. Served maid rites, chips, salads, pop. Again most donated by parents.
One year another mom and I just brought in all of our pretty tablecloths(we have a lot-it might be a case of OCD for table linens) and I brought in a variety of decorative items that kind of went with each style of tablecloth and we just decorated each table differently. That teacher's lounge never looked so elegant. The teachers LOVED it! Said it made them feel really special. I also brought in baskets lined with pretty cloth napkins to use for buns, silverware, cookies, etc. for the luncheon and for the muffins, donuts, etc. for the breakfast.
There doesn't have to be a theme, just do something that makes the lounge feel a little special, and make sure that your menu offers options for those who are eating healthy or vegetarian. It's always better to have too much then to run out of things. We would bring containers to stash leftovers in the fridge and make sure the teachers knew they were there for the following days. A couple of teachers always made sure to get the stuff out at breaks/lunch so it would get eaten up.