Buffets Inc. said Wednesday it has filed for Chapter 11 bankruptcy protection, closed 81 restaurants and will recapitalize in an agreement with lenders that will convert debt into a controlling equity stake. The Eagan, Minn.-based company is parent to the Old Country Buffet, HomeTown Buffet and Ryan’s steak-buffet brands. Its restaurant closures, part of a prepackaged bankruptcy filing, represented 16 percent of the company’s 494 units in 38 states. Buffets also noted it is ...

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