Buffets, Inc. examining numerous options, including possible sale
Buffets, Inc., the privately-held restaurant company whose brands include HomeTown® Buffet, Old County Buffet® and Ryan’s®, announced that its Board of Directors has approved the exploration of strategic alternatives aimed at increasing shareholder value.
While the Company maintains a positive outlook for its performance as a stand-alone entity, the Company has retained Moelis & Company as its financial advisor to undertake a comprehensive and thorough review of the viable alternatives, including a possible sale of the Company.
The Company cautioned that there can be no assurances the process will result in any specific action or transaction. The Company does not intend to disclose developments regarding its evaluation of strategic alternatives unless and until the Board of Directors approves a transaction or otherwise concludes its strategic alternatives review.
Buffets, Inc., based in Eagan, MN, is the nation’s largest owner and operator of buffet restaurants with more than 500 restaurants in 39 states, including five franchised locations. The restaurants are principally operated under the Old Country Buffet®, HomeTown® Buffet, Ryan’s® and Fire Mountain® brands. Buffets, Inc. employs more than 25,000 team members and serves around 150 million guests annually.
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