The company had been known as Buffets Inc., peaking at 675 locations in 2006, according to a report in Nation’s Restaurant News.
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A restaurant company headquartered in Greer, South Carolina, Ovation Brands Inc, has filed for bankruptcy and unexpectedly closed numerous restaurants over the weekend, leaving many without a job Monday morning.
The Ryan’s franchise is owned by Buffets LLC., which filed for Chapter 11 bankruptcy Monday. The number of locations closed nationwide was not disclosed. Dietary trends have also caught up with all-you-can-eat buffets.
A change in ownership at a lagging national chain of the buffet-style restaurants prompted the shuttering of two Old Country Buffets in Northeast Pennsylvania. The statement did not say who sold the businesses to Food Management Partners, and a spokeswoman would only say it was “private equity”.
Buffets owes $46.2 million in loans secured by all of its assets and guaranteed by its new owners.
“It is necessary to shutter locations for the continued viability of our brands and our employees”, Peter Donbavand, FMP’s vice president of real estate and business development, said in a statement last month. “We intend to investigate the propriety of the disclosures, and intend to consult with our counsel regarding any remedies we may have”.
The website lists a Foley location as the only open Ryan’s in Alabama.
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Buffets LLC and the chains do business under the Ovation Brands name. News13 reached out to the corporate office of Ovation, which declined to comment.
