Ryan's parent files bankruptcy, closes restaurants
(WRCB) - The parent company of the restaurant chain Ryan's, has filed for bankruptcy and announced the closure of many of its locations.
Buffets, Inc. announced this week it will enter Chapter 11 bankruptcy. As part of the restructuring, Buffets says they will close 81 "underperforming" locations throughout the country.
The company operates several restaurants in the Chattanooga area under its Ryan's brand.
While Buffets has not released a list of locations impacted, as of Friday, the company has removed its Cleveland location from the company's website.
"Similar to eliminating an unsustainable debt burden, reducing our total restaurant footprint by closing unsustainable restaurants will allow the Company to focus on improving operations, enhancing our guest experience and making targeted investments that ensure the long-term viability of Buffets. While closing these underperforming restaurants is a necessary part of our restructuring and improving our business," said Mike Andrews, CEO of Buffets, in a release, "we deeply regret the impact on our dedicated associates in those restaurants that will be closed."
Channel 3 has attempted to contact Buffets, Inc. and the firms representing the company. Our calls were not immediately returned.