Old Country Buffet’s parent corporation, Fresh Acquisitions, LLC, filed for Chapter 11 bankruptcy protection on Tuesday, April 20, 2021, in the Northern District of Texas, docket # 21-30721. The San Antonio-based company operates six (6) restaurant chains in 27 states – Ryan’s, Old Country Buffet, Tahoe Joe’s Famous Steakhouse, Fire Mountain, Furr’s Fresh Buffet, and HomeTown Buffet. According to Restaurant Business, this is the fifth time that the company’s various chains have filed for bankruptcy protection since 2008.
The company has been hit severely during the pandemic, with loss of sales due to occupancy restrictions and restrictions on family-style buffets. Recently, the largest franchisee of Golden Corral filed for Chapter 11 bankruptcy.
According to CNN, the company hopes to preserve two (2) of the six (6) brands – Tahoe Joe’s Famous Steakhouse and Furr’s. It is unknown whether the remaining four buffet-style brands will remain or close up shop.
If you have an Old Country Buffet, Ryan’s, Tahoe Joe’s Famous Steakhouse, Fire Mountain, Furr’s, or HomeTown Buffet in your portfolio, or if you are a trade creditor owed money, Stark & Stark’s Shopping Center Group can help.
Our bankruptcy attorneys regularly represent landlords throughout the country, including recently in the Eastern District of Missouri, District of New Jersey, Southern District of New York, District of Delaware, District of Minnesota, and the Western and Eastern Districts of Pennsylvania regarding a variety of issues.
Our Group has been counsel to landlords and trade creditors in the Love’s, Stage Stores, Modell’s, Pier 1, Art Van’s Furniture, Fairway Market, Mattress Firm, Toys “R” Us, Payless, A&P, rue21, Central Grocers, and Toys R Us bankruptcy cases.
For more information on how Stark & Stark can assist you, please contact Thomas Onder, Shareholder, at (609) 219-7458 or tonder@stark-stark.com or Joseph Lemkin at (609) 791-7022 or jlemkin@stark-stark.com.