Jump to content

VitaNova Brands: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous editNext edit →
Content deleted Content added
VisualWikitext
nvm not sure
Line 103: Line 103:
{{2008 economic crisis}}
{{2008 economic crisis}}


{{DEFAULTSORT:Ovation Brands, Inc.}}
[[Category:1983 establishments in Minnesota]]
[[Category:1983 establishments in Minnesota]]
[[Category:2015 mergers and acquisitions]]
[[Category:2015 mergers and acquisitions]]

Revision as of 15:17, 4 August 2021

VitaNova Brands
FormerlyBuffets, Inc. (1983–2013)
Ovation Brands (2013–2020)
Company typeSubsidiary
IndustryRestaurants
FoundedOctober 19, 1983; 41 years ago (1983-10-19)
FounderRoe Hatlen
C. Dennis Scott
Dermot Rowland
Doron Jensen
FateCOVID-19 pandemic
HeadquartersSan Antonio, Texas,
United States
Number of locations
0
Area served
United States
ProductsBuffet and steakhouse style restaurants
BrandsFurr's
HomeTown Buffet
Old Country Buffet
Ryan's Grill, Buffet and Bakery
Tahoe Joe's
ServicesRestaurants
ParentIndependent (1983–2015)
Food Management Partners (2015–2020)
Fresh Acquisitions, LLC (2020–present)
Websitewww.vitanovabrands.com

VitaNova Brands, based in San Antonio, Texas, is a operator of a number of American national buffet chain restaurants including subsidiary company Furr's.

All of their Old Country Buffet, HomeTown Buffet, and Ryan's Buffet locations have closed.

The company's restaurants included steak-buffets, as well as steakhouse restaurants with menus that range from grilled-to-order steaks, single-serve dishes, scratch-made soups, entrees and desserts, beverage bars, buffets, chops and grilled seafood, and others. It was previously known as Buffets, Inc.[1][2][3] and Ovation Brands.

History

Buffets, Inc. logo (1983–2013)
Old Country Buffet logo (1983–2020)
Country Buffet logo (1983–2018)
HomeTown Buffet logo (1989–2020)
Ryan's Buffet logo (1977–2020)

The company was founded by Roe Hatlen and C. Dennis Scott on October 19, 1983, along with Dermot Rowland and Doron Jensen. Rowland and Jensen left in 1986 to start Homestyle Buffet in Clearwater, Florida.

Scott left in 1989 to start HomeTown Buffet, but the two chains merged in September 1996.

Buffets Inc. in the late 1990s, posted a net income of $28.6 million in 1997 and $39.4 million in 1998, on revenues of $808.5 million and $868.9 million, respectively. In 1998 the company increased the number of company-owned restaurants from 360 to 386. Part of this increase came from the acquisition of 11 eating establishments from Country Harvest Buffet Restaurants, Inc., for $5.6 million.

On November 1, 2006, Buffets Inc. acquired Ryan's Restaurant Group, adding 340 Ryan's Grill Buffet and Bakery and Fire Mountain Grills locations.[4]

On January 22, 2008, Buffets Inc. filed for bankruptcy, under Chapter 11. Although all restaurants were said to be staying open and continuing to operate normally under the then-current reorganization plan,[5] the company called for the immediate closing of 52 stores nationwide, effective February 12, 2008. The final day of normal business operations in these stores, as well as the announcement of closing to all team members in said stores, took place the previous day.

On April 28, 2009, Buffets Inc. emerged from Chapter 11 reorganization with reduced debt along with a new Board of Directors.[6]

On January 18, 2012, Buffets, Inc. filed for Chapter 11 bankruptcy protection again. This involved the immediate closure of 81 restaurants throughout the country and recapitalizing in an agreement with its lenders that would convert debt into a controlling equity stake.[7]

On March 7, 2016, Ovation Brands filed for Chapter 11 bankruptcy after closing dozens of locations. The bankruptcy was blamed on a lawsuit that had not been disclosed when the current owner bought the businesses in August 2015. The landlord of 16 of Ovation's locations sued the company in February after the closure of 8 of those units. Buffets LLC, which is an affiliate of Food Management Partners, paid an undisclosed amount in August 2015 for Old Country Buffet, Ryan's, Fire Mountain and Tahoe Joe's, in addition to HomeTown. According to court documents, 150 restaurants that were operated by those chains, were part of the bankruptcy filing. According to a court filing by Ovation, the company had $186.3 million in liabilities and $160.2 million in assets.[8]

Due to the COVID-19 pandemic, all of the buffet-style restaurants closed in March 2020. Five locations reopened as "AYCE Marketplaces" in summer 2020. As of January 15, 2021, all Old Country, HomeTown, and Ryan's Buffet locations have permanently closed, and nearly all have been auctioned off by Auction Nation.

Chains

Old Country Buffet

Former Old Country Buffet location in Ann Arbor, Michigan.

As of May 2021, Old Country Buffet website is down. The parent company Fresh Acquisitions, LLC and Buffets LLC have filed bankruptcy again making the chain non existent. At one time, there were more than 350 Old Country Buffet restaurants, primarily in the midwest.[citation needed]

HomeTown Buffet

HomeTown Buffet website is down. At one time, there were more than 250 restaurants open under the HomeTown Buffet brand, primarily in the West Coast and Northeast regions.[citation needed] In the late 1990s, several restaurants rebranded from Old Country Buffet to HomeTown Buffet when the two chains merged.

Ryan's Buffet and Grill/Ryan's Restaurant Group

Ryan's was founded by Alvin A. McCall in 1977. It was acquired by Buffets, Inc. on November 1, 2006.[9] Some of its accolades include being one of the "Best Small Companies in America" seven consecutive years, and named "Top Family Steakhouse in America" for 10 consecutive years.[10]

Ryan's Restaurants once had more than 400 locations primarily in the South and Midwest.[11]

The last one to close was a location in 988 Goodman Rd, Horn Lake, MS 38637 that has been replaced by a Golden Corral Buffet. [12]

Other restaurants

See also

References

  1. ^ "Bloomberg Company Overview of Ovation Brands, Inc". Bloomberg. Bloomberg. Archived from the original on 9 March 2016. Retrieved 9 March 2016.
  2. ^ "Ryan's Corporate Headquarters". Archived from the original on 2009-01-13. Retrieved 2009-06-08.
  3. ^ "Old Country Buffet CEO goes undercover" Archived 2013-10-21 at the Wayback Machine. Buffets. Retrieved on October 18, 2013.
  4. ^ Company Information, archived from the original on March 18, 2007
  5. ^ "Hometown Buffet, Old Country Buffet & Country Buffet - Restructuring Info". Archived from the original on February 14, 2008.
  6. ^ "Buffets Holdings, Inc. Emerges from Chapter 11". Archived from the original on September 7, 2012.
  7. ^ "Restaurant operator Buffets lands in bankruptcy again". Reuters. 18 January 2012. Archived from the original on 21 January 2012. Retrieved 21 January 2012.
  8. ^ Hals, Tom. "HomeTown Buffet, affiliated dining chains file for bankruptcy". Reuters. Reuters. Archived from the original on 7 March 2016. Retrieved 7 March 2016.
  9. ^ Buffets merges with Ryan's
  10. ^ Company Information Archived May 1, 2009, at the Wayback Machine
  11. ^ "Bankrupted Ryan's Steakhouse shuts down 81 eateries". timesfreepress.com. Retrieved 2021-03-08.
  12. ^ {{https://www.google.com/maps/place/Golden+Corral+Buffet+%26+Grill/@34.9631497,-90.010536,17z/data=!3m1!4b1!4m5!3m4!1s0x87d5620fea6c0dd9:0x294b46e110cda5bc!8m2!3d34.9632099!4d-90.0082358}}
  13. ^ "Company Information". Archived from the original on 2018-08-16. Retrieved 2016-10-01.
Retrieved from "https://en.wikipedia.org/w/index.php?title=VitaNova_Brands&oldid=1037106154"