Several restaurant chains owned by Ovation Brands filed for Chapter 11 bankruptcy on Monday, including HomeTown Buffet, Ryan’s, Old Country Buffet, Tahoe Joe’s and Fire Mountain, Reuters reports.
This bankruptcy filing—the second for Ovation over the course of four years—could affect more than 300 domestic restaurants, Reuters says.
Over the weekend, staff members of at least eight Ryan’s locations arrived at work to find those restaurants suddenly closed.
Ovation Brands was acquired by multi-restaurant operator Food Management Partners in August, and FMP shuttered 74 units of Ovation’s chains last month. FMP then said it would continue operations for Ovation’s remaining restaurants, calling them “financially viable.”
Read the full story via Reuters.
Members help make our journalism possible. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.