Buffets Restaurants Holdings Inc. has filed for Chapter 11 bankruptcy protection for a second time and plans to close 81 underperforming restaurants as it tries to cope with its debt.
The company, based in Eagan, Minn., operates 494 restaurants in 38 states under names such as Old Country Buffet, Ryan's, HomeTown Buffet, and Tahoe Joe's Famous Steakhouse restaurant.
Its restaurant lineup includes Ryan's locations in Indianapolis at 655 N. Shadeland Ave. and 8180 U.S. 31 South. There also is a Ryan's in Anderson at 6315 Scatterfield Road.
Several Old Country Buffets that previously operated in Indianapolis have already closed.
The company is expected to announce within a week which restaurants will close.
Buffets said that its decision to file on Wednesday with the U.S. Bankruptcy Court in Delaware marks the beginning of a new era for the company and is the result of a strategic review that the company's board began in May.
The company said that investors who hold 83 percent of its senior debt have agreed to a restructuring that will eliminate nearly all of its $245 million in debt in exchange for all the equity in the company. That would free up cash flow for the company to invest in improving its restaurants.
Buffets said it expects to emerge from bankruptcy within six months.
The company filed for bankruptcy protection in 2008 as it struggled with debt and the impact of the recession on consumers. Buffets is one of several restaurant chains that have struggled over the past few years as consumers cut spending and began eating at home more often.
Restaurant companies such as Friendly's Ice Cream Corp., Perkins & Marie Callender's, Real Mex and the SSI Group Holding Corp., which operates Souper Salad and Grandy's restaurants, have all filed for bankruptcy protection in recent years.
Buffets said it has secured a $50 million debtor-in-possession loan that, along with cash, will allow it to meet its normal operating costs during the restructuring process.
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Many serial killer types and psychopaths work as lowly bureaucrats, just waiting to impose their wrath on a powerless person, child, or pet. Don't forget, the BTK killer was a dog catcher.
If a television station wants to improve viewership, get rid of the local blackout. I was born by the brickyard, and have attended 15 or more races. I have children now, I won't attend unless circumstances are perfect. As those with growing families know, they never are. I'm always impressed that upwards of 250,000 people attend the 500. However, as a growing, or, more apt, sprawling city, Indianapolis and its immediate suburbs count almost 2.2 million. Show the race live, let the venue get a kick-back on revenues, and open-wheel racing might have a fighting chance to be relevant again. Just in time for those tax-payer lights to make sense.
John Moore, I too have had the same issue recently. A property next to my house was on the Land Bank and I was interested in purchasing. When I tried to contact Reggie, I got back emails that had nothing to do with what I asked about. Actually my latest response from him was on this past Friday. I had asked about how to buy the property and if it was still available. His response to me was to contact the mayor's office to get the schedule of his appearances. (???) Hopefully the city is able to do something to fix what this guy has done, it would be nice if they would take the properties back and sell them properly so land owners like me and you mother would have a fair chance.
I too work in the industry, with over 25 years of experience and your political spin has probably nothing to do with any rebranding. "Let's dress it up" would have nothing to do with the government "telling us how and what to eat." Give it a political rest. And being a producer for a radio show doesn't mean you've been involved in advertising and branding for 30 years.
Ms. Morris did not understand the ways of the business world, otherwise, like the IMS, she could have petitioned the State Legislature for a handout of State Funds for her charity work. Ms. Morris should consider becoming a state lobbyist for Lemonade Stand Operators.