The 1950 E. Kearney St. location of buffet-style restaurant Ryan's is now closed.
Ryan's buffet closes in wake of bankruptcy
The 1950 E. Kearney St. location of buffet-style restaurant Ryan's closed last week following a bankruptcy filing by its parent company.
Officials with Eagan, Minn.-based Buffets Inc. said it would close 81 of its underperforming restaurants as part of its Jan. 18 Chapter 11 bankruptcy filing. The chain operates 494 restaurants in 38 states under the Ryan's, Old Country Buffet, Fire Mountain and Tahoe Joe's Famous Steakhouse brands.
The reorganization, including the closures, is expected to eliminate virtually all of the company's roughly $245 million in outstanding debt, according to a news release.
“The decision to close these underperforming restaurants, though difficult, resulted from a comprehensive, store-by-store analysis of financial performance, occupancy costs, market conditions and the long-term strategy of our reorganized restaurant portfolio," Buffets CEO Mike Andrews said in the release. “While closing these underperforming restaurants is a necessary part of our restructuring and improving our business, we deeply regret the impact on our dedicated associates in those restaurants that will be closed."
Mike Fusek of Sperry Van Ness/Rankin Co., who is listing the Springfield restaurant for owner CCCH Inc., said the 11,332-square-foot location is available for lease for $11 a square foot, including furniture, fixtures and restaurant equipment. The space has seating for 386 and parking for 165.
According to the listing provided by Fusek, the East Kearney Ryan's recorded $1.87 million in 2011 sales, with $101,186 in profits. Fusek said the restaurant had been profitable since 2001, but had lost money each of the last three months following issues with the Springfield-Greene County Health Department.
The Ryan's restaurant at 2501 S. Campbell Ave. was not included on the closure list.[[In-content Ad]]