Buffets Restaurants Holdings, owner of Ryan’s Grill, Buffet and Bakery in northeast Cedar Rapids, on Wednesday filed a prepackaged Chapter 11 bankruptcy and said it plans to close 81 “underperforming” locations.
Buffets Restaurants owns and operates 494 restaurants in 38 states under names such as Old Country Buffet, HomeTown Buffet, Ryan’s and Tahoe Joe’s Famous Steakhouse. The company closed the Old Country Buffet in Coral Ridge Mall last month, reportedly without giving advance notice to management of the Coralville mall.
Ryan’s, in addition to its location at 230 Collins Rd. NE in Cedar Rapids, also has restaurants in Burlington and Clive.
The Eagan, Minn., company, which previously filed for Chapter 11 protection from creditors in 2008 while it reorganized, did not release a list of locations it plans to close.Read more at Business380.com