Ryan’s Buffet on the south side of Indianapolis has closed as part of a bankruptcy restructuring by its parent company affecting more than 90 underperforming restaurants nationwide.
Greer, South Carolina-based Ovation Brands Inc. filed for Chapter 11 bankruptcy on Monday. It’s the second filing in four years for Ovation.
Besides Ryan’s, Ovation operates HomeTown Buffet, Country Buffet, Fire Mountain Buffet and Old Country Buffet.
The local Ryan’s at 8180 U.S. 31, south of East Stop 11 Road, closed this week. Its equipment, as well as items from Ovation’s other closed restaurants, will be offered in an online auction by Auction Nation. Bids will be taken at www.AuctionNation.com through 3 p.m. Wednesday.
Ovation operates 328 restaurants in 35 states. It lists assets of up to $50 million and liabilities of up to $100 million, according to documents filed in the U.S. Bankruptcy Court for the Western District of Texas.
Buffets Inc., the predecessor to Ovation, and the Ryan Restaurant Group merged in 2006 to create the largest buffet chain in the nation.
In early 2008, however, the company filed for Chapter 11 to shed some of its 626 locations and cut debt by $700 million.
The company also filed for Chapter 11 in 2012 and eventually closed down 81 smorgasbord-style restaurants nationwide, including a Ryan's at 655 N. Shadeland Ave. in Indianapolis and another in Anderson.