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Ovation Brands, Inc.
	File:Ovation Brands logo.png
Formerly	Buffets, Inc. (1983–2013)
Company type	Private
Industry	Restaurants
Founded	October 19, 1983; 41 years ago
Founder	Roe Hatlen; C. Dennis Scott; Dermot Rowland; Doron Jensen
Fate	Chapter 11 Bankruptcy
Headquarters	Hollywood Park, Texas, United States
Number of locations	Ovation Brands, Inc. currently operates 127 restaurants in 25 U.S. states as of July 2, 2016
Area served	North America
Products	Buffet and steakhouse style restaurants
Brands	Ryan's Grill, Buffet and Bakery, Country Buffet, HomeTown Buffet, Old Country Buffet and Tahoe Joe's
Services	Restaurants
Parent	Buffets, LLC. (Food Management Partners)
Website	OvationBrands.com

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Revision as of 18:09, 13 January 2017

Ovation Brands, Inc., based in Hollywood Park, Texas is a subsidiary of Food Management Partners, Inc. and is the operator of a number of American national buffet chain restaurants. The companies restaurants include steak-buffet, 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]

Their restaurants are now known as Old Country Buffet, Country Buffet, HomeTown Buffet and Ryan's Buffet.

History

Buffets, Inc. logo (1983–2013)

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.

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 closing dozens of locations the weekend before. 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]

Chains

Old Country Buffet

Old Country Buffet operates 168 locations throughout the United States, variably known as Country Buffet or HomeTown Buffet, in addition to the flagship name. Old Country Buffet locations have a mascot named, "O.C. Bee" (or "H.T. Bee" at HomeTown Buffet). Usually, for in-restaurant appearances, the location manager or another employee wears the costume and greets guests and children.^{[citation needed]}

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] Today^[when?] there are over 201 restaurants in 23 states operating under the names of Ryan's Grill, Buffet and Bakery and the now defunct Fire Mountain Grill. Ryan's is based primarily in the southern and midwestern US, with its corporate headquarters located in Greer, South Carolina.^[10] 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.^[11]

Other restaurants

Tahoe Joe's Famous Steakhouse, which has eight locations in California.^[12]

References

^ "Bloomberg Company Overview of Ovation Brands, Inc". Bloomberg. Bloomberg. Retrieved 9 March 2016.
^ Ryan's Corporate Headquarters
^ "Old Country Buffet CEO goes undercover".ELLIOT WILL ALWAYS LIKE XXX TENTACION !!! FREE X!!!! Buffets. Retrieved on October 18, 2013.
^ Company Information, archived from the original on March 18, 2007 {{citation}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ "Hometown Buffet, Old Country Buffet & Country Buffet - Restructuring Info". Archived from the original on February 14, 2008. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
^ "Buffets Holdings, Inc. Emerges from Chapter 11".
^ "Restaurant operator Buffets lands in bankruptcy again". Reuters. 18 January 2012. Retrieved 21 January 2012.
^ Hals, Tom. "HomeTown Buffet, affiliated dining chains file for bankruptcy". Reuters. Reuters. Retrieved 7 March 2016.
^ Buffets merges with Ryan's
^ Ryan's Corporate Headquarters
^ Company Information Archived May 1, 2009, at the Wayback Machine
^ Company Information

External links

[Bloomberg_Company_Overview_of_Ovation_Brands,_Inc.-1] "Bloomberg Company Overview of Ovation Brands, Inc". Bloomberg. Bloomberg. Retrieved 9 March 2016.

[2] Ryan's Corporate Headquarters

[3] "Old Country Buffet CEO goes undercover".ELLIOT WILL ALWAYS LIKE XXX TENTACION !!! FREE X!!!! Buffets. Retrieved on October 18, 2013.

[4] Company Information, archived from the original on March 18, 2007 {{citation}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[5] "Hometown Buffet, Old Country Buffet & Country Buffet - Restructuring Info". Archived from the original on February 14, 2008. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

[6] "Buffets Holdings, Inc. Emerges from Chapter 11".

[7] "Restaurant operator Buffets lands in bankruptcy again". Reuters. 18 January 2012. Retrieved 21 January 2012.

[8] Hals, Tom. "HomeTown Buffet, affiliated dining chains file for bankruptcy". Reuters. Reuters. Retrieved 7 March 2016.

[9] Buffets merges with Ryan's

[10] Ryan's Corporate Headquarters

[11] Company Information Archived May 1, 2009, at the Wayback Machine

[12] Company Information

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-'''Ovation Brands, Inc.''', based in [[Hollywood Park, Texas|Hollywood Park]], [[Texas]] is a subsidiary of Food Management Partners, Inc. and is the operator of a number of [[United States|American]] national [[buffet]] chain  restaurants. The companies restaurants include steak-buffet, 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.<ref name="Bloomberg Company Overview of Ovation Brands, Inc.">{{cite web|title=Bloomberg Company Overview of Ovation Brands, Inc.|url=http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4875083|website=Bloomberg|publisher=Bloomberg|accessdate=9 March 2016}}</ref><ref>[http://wikimapia.org/1848493/Ryan-s-Corporate-Headquarters Ryan's Corporate Headquarters]</ref><ref>[http://www.bizjournals.com/twincities/news/2013/10/18/ceo-goes-undercover-in-his-old-country.html "Old Country Buffet CEO goes undercover"]. Buffets. Retrieved on October 18, 2013.</ref>
+'''Ovation Brands, Inc.''', based in [[Hollywood Park, Texas|Hollywood Park]], [[Texas]] is a subsidiary of Food Management Partners, Inc. and is the operator of a number of [[United States|American]] national [[buffet]] chain  restaurants. The companies restaurants include steak-buffet, 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.<ref name="Bloomberg Company Overview of Ovation Brands, Inc.">{{cite web|title=Bloomberg Company Overview of Ovation Brands, Inc.|url=http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=4875083|website=Bloomberg|publisher=Bloomberg|accessdate=9 March 2016}}</ref><ref>[http://wikimapia.org/1848493/Ryan-s-Corporate-Headquarters Ryan's Corporate Headquarters]</ref><ref>[http://www.bizjournals.com/twincities/news/2013/10/18/ceo-goes-undercover-in-his-old-country.html "Old Country Buffet CEO goes undercover"].ELLIOT WILL ALWAYS LIKE XXX TENTACION !!! FREE X!!!! Buffets. Retrieved on October 18, 2013.</ref>
 Their restaurants are now known as Old Country Buffet, Country Buffet, HomeTown Buffet and Ryan's Buffet.