This parent company of 6 restaurant chains has just declared bankruptcy

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Fresh Acqusitions LLC, the parent company of six restaurant chains in 27 states, just filed for Chapter 11 bankruptcy. While the filing saves two of its brands, most of them will likely shut down their stores for good.

According to court documents reviewed by Catering company, the company has entered the pandemic with no less than 90 restaurants under the brands Ryan’s, Old Country Buffet, HomeTown Buffet, Fire Mountain, and Furr’s, all of which are buffet chains, and Tahoe Joe’s, a steak chain in California. All but six of Tahoe Joe’s sites are currently operational.

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Through the bankruptcy process, the company plans to preserve two of its brands: Tahoe Joe’s and a newer, redesigned version of Furr’s, which was unveiled last year. It also provides for a sale of Furr’s intellectual property.

“We look forward to emerging from bankruptcy as a stronger operator with a focus on the Tahoe Joe’s and Furr’s AYCE Marketplace banners,” Jason Kemp, CEO of VitaNova, a catering operator who provides funding to Fresh Acquisitions for the get through the process, said in a statement. “These great brands serving great food will create a platform for future growth.”

However, the future of its other four buffet-style chains is uncertain. A likely scenario is that they simply won’t reopen any of the venues, and their plight further illustrates the pandemic struggles of buffet operators, in particular. Golden Corral’s second franchisee recently filed for bankruptcy, while beloved healthy buffet Souplantation closed its doors just two months after the start of the pandemic.

For more, check out America’s largest fast food chain is on a downward spiral, according to reports. And don’t forget to Subscribe to our newsletter to get all the latest restaurant news straight to your inbox.



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