Ovation Brands
Ovation Brands, Inc.Ovation Brands, Inc., based in the San Antonio suburb of 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.
Their restaurants are now known as Old Country Buffet, Country Buffet, HomeTown Buffet and Ryan's Buffet.
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.
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, 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.
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.
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.
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