The great, shrinking buffet operator
In 2006, after it merged with Ryan's, Buffets, Inc., had 675 locations nationwide in its various brands, including Old Country Buffet, HomeTown Buffet, Ryan's and Country Buffet.
Ten years and at least one name change later, the company has just 150 locations. It closed 74 a month ago, and over the weekend shuttered another 92, all with little or no notice.
On Monday, the company filed for bankruptcy, blaming an unexpected sales decline and a legal claim of $11.37 million.
Of course, this isn't the first bankruptcy for the company. It filed in 2008, struggled, and filed again in 2012. It was put up for sale a year ago and purchased by Food Management Partners, a company that has quickly purchased several struggling chains.
Franchise Growth Strategist | Co-Producer of Franchise Chat & Franchise Connect | Empowering Brands on LinkedIn
8 年This was interesting, so I shared it with our audience at Franchise-Info to get you more views.
CEO / President of Mirus Restaurant Solutions
8 年Do you think this is a review of things to come? How many other brands have over-leveraged balance sheets? Lots of brands are loosing traffic to competition, so how long can that go on?