A smaller Buffet
Buffets Inc.
Eagan, Minn.
Eagan, Minn.
Citing the depressed economy, Buffets Holdings filed for reorganization under Chapter 11 in January 2008. The steak restaurant chain, which controlled outlets such as the Old Country Buffet, HomeTown Buffet, and Ryan's, had $964 million in assets and more than $1 billion in debt.
While the company initially said that all locations would stay open throughout its bankruptcy, 52 out of the 626 restaurants ended up closing, according to Franchise Times. On April 28, the company emerged from bankruptcy with a new balance sheet and reduced debt.
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LAST UPDATE: Jul 21 2009 | 4:01 PM ET
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