VitaNova Brands
| Company type | Private |
|---|---|
| Industry | Restaurant |
| Founded | October 19, 1983 |
| Founder | Roe Hatlen, C. Dennis Scott, Dermot Rowland, Doron Jensen |
| Headquarters | San Antonio , United States |
| Products | Buffet restaurant chains including Old Country Buffet, HomeTown Buffet, Ryan's Buffet, Curry House, Furr's |
VitaNova Brands, headquartered in San Antonio, Texas, managed a number of nationwide American buffet restaurant chains, including its subsidiary Furr's.
All outlets of Old Country Buffet, HomeTown Buffet, Ryan's Buffet, and Curry House have ceased operations.
The company’s offerings featured steak buffets and steakhouses serving made-to-order steaks, individual dishes, homemade soups, entrees, desserts, beverage stations, buffets, chops, and grilled seafood. It was formerly identified as Buffets, Inc. before rebranding as Ovation Brands.
History
Established on October 19, 1983, by Roe Hatlen and C. Dennis Scott along with Dermot Rowland and Doron Jensen, Buffets Inc. rapidly grew its buffet restaurant collection. Rowland and Jensen exited in 1986 to start Homestyle Buffet in Clearwater, Florida. Scott left in 1989 to create HomeTown Buffet; these two chains later merged in September 1996, strengthening their market position.
During the late 1990s, Buffets Inc. reported robust financial results with net profits of $28.6 million in 1997 and $39.4 million in 1998 on revenues of $808.5 million and $868.9 million respectively. The number of company-owned restaurants increased from 360 to 386 in 1998, including the acquisition of 11 units from Country Harvest Buffet Restaurants for $5.6 million.
On November 1, 2006, Buffets Inc. expanded its footprint by acquiring Ryan's Restaurant Group, which added around 340 Ryan's Grill Buffet and Bakery and Fire Mountain Grills locations to its portfolio, significantly increasing its share in the buffet segment.
The company filed for Chapter 11 bankruptcy protection on January 22, 2008, initiating a reorganization plan that involved shuttering 52 underperforming establishments nationwide by February 12, 2008. Buffets Inc. successfully emerged from bankruptcy on April 28, 2009, with a lighter debt load and a revamped board.
A second Chapter 11 filing was made on January 18, 2012; this led to the immediate closure of 81 restaurants and a debt-to-equity swap agreement with creditors aimed at financial stabilization.
On March 7, 2016, Ovation Brands—operator of Old Country Buffet, Ryan's, Fire Mountain, Tahoe Joe's, and HomeTown—filed for Chapter 11 bankruptcy after closing numerous locations. The filing covered about 150 restaurants with liabilities totaling $186.3 million compared to assets worth $160.2 million. Part of Ovation’s financial troubles were linked to undisclosed litigation at the time of acquisition.
The COVID-19 pandemic compelled all buffet-style restaurants to shut down in March 2020; five locations reopened during that summer as "AYCE Marketplaces." By January 15, 2021, all Old Country Buffet, HomeTown Buffet, and Ryan's outlets had permanently closed and were mostly liquidated through auctions.
On April 20, 2021, both Buffets LLC (managing Hometown Buffet, Old Country Buffet, Ryan's, Tahoe Joe's) and Fresh Acquisitions LLC (operating Furr's) filed for Chapter 11 bankruptcy once more. Several executives affiliated with VitaNova Brands—Jason Kemp, Allen Jones, Lawrence Harris, and Brian Padilla—have faced multiple lawsuits accusing them of fraud and theft involving business partners and federal funding. One complaint filed by the bankruptcy trustee alleges these individuals misappropriated $13 million in Paycheck Protection Program loans.
Old Country Buffet
In the aftermath of the 2020 COVID-19 crisis, the majority of Old Country Buffet outlets ceased operations. The parent firms, Fresh Acquisitions, LLC and Buffets LLC, filed for bankruptcy once more, leading to the sale of their intellectual property along with other assets. The current proprietors have not expressed any plans to revive the brand or reopen any locations, effectively marking the chain as defunct. At its height, Old Country Buffet managed over 600 dining establishments.
HomeTown Buffet
HomeTown Buffet operated more than 250 restaurants, predominantly located on the West Coast and in the Northeast. During the late 1990s, following a merger between the two companies, several Old Country Buffet sites were rebranded as HomeTown Buffet.
Ryan's Buffet and Grill/Ryan's Restaurant Group
Established by Alvin A. McCall in 1977, Ryan's was purchased by Buffets, Inc. on November 1, 2006. The brand earned accolades as one of America's "Best Small Companies" for seven years running and was honored as the "Top Family Steakhouse in America" for a decade consecutively.
At its peak, Ryan's operated over 400 venues mainly throughout the Southern and Midwestern United States. The last Ryan's location closed in Horn Lake, Mississippi, subsequently replaced by a Golden Corral restaurant.
Other restaurants
- Tahoe Joe's Famous Steakhouse maintains three locations within California.
- Curry House operated nine outlets in California before unexpectedly shutting down on February 24, 2020.