Buffets Inc. files for Ch. 11 bankruptcy

This is the second bankruptcy filing in four years for parent to Old Country Buffet, Ryan’s

Buffets Inc. said Wednesday it has filed for Chapter 11 bankruptcy protection, closed 81 restaurants and will recapitalize in an agreement with lenders that will convert debt into a controlling equity stake.

The Eagan, Minn.-based company is parent to the Old Country Buffet, HomeTown Buffet and Ryan’s steak-buffet brands. Its restaurant closures, part of a prepackaged bankruptcy filing, represented 16 percent of the company’s 494 units in 38 states. Buffets also noted it is

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