HomeTown Buffet, parent company of Ryan’s, files for bankruptcy

WILMINGTON, Del. - HomeTown Buffet Inc and affiliated dining chains owned by Ovation Brands Inc filed on Monday for Chapter 11 bankruptcy, according to court documents, potentially affecting more than 300 U.S. locations, including the Ryan's on Collins Road NE in Cedar Rapids.

It was the second filing in four years for Ovation, which was previously known as Buffets Inc.

In addition to HomeTown and Ryan's, other Ovation chains seeking bankruptcy protection from creditors included Old Country Buffet, Fire Mountain and Tahoe Joe's, according to court documents.

A spokesman for Ovation declined to comment.

Ovation, based in Greer, South Carolina, operates 328 restaurants in 35 states, employing 17,000, according to its website.

The chains listed assets worth 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 U.S. buffet chain.

In early 2008, however, the company filed for Chapter 11 bankruptcy to shed some of its 626 locations and cut its debt by $700 million.

The company returned to bankruptcy in 2012, this time to slim its reach from 494 restaurants.