Buffets Inc., the restaurant chain formerly based in Eagan that emerged from its second Chapter 11 bankruptcy in July, said in a news release Wednesday it has restructured its debt and can now reinvest in its 347 remaining restaurants in 35 states.
Now privately held and based in Greer, S.C., Buffets owns 14 Old Country Buffet restaurants in Minnesota, including 10 in the Twin Cities, and still maintains an office with 130 employees in Eagan. In other states it also operates HomeTown Buffet, Ryan’s and Fire Mountain restaurants. Its largest concentration of restaurants is in California, spokeswoman Kampi Chaleunsouk said.
As a result of its Chapter 11 filing, Buffets Inc. is now owned by its lenders and in December named a new CEO, Anthony Wedo, who replaced Mike Andrews, the CEO since 2005.
Wedo had been CEO of Mainline Management and Capital Advisors, which consulted with private equity firms on restaurant industry mergers, acquisitions and turnarounds. He was the founder of Mid-Atlantic Restaurant Systems, a franchisee of Boston Market, and was CEO of New World Restaurant Group.