Advertisement

Paducah Ryan's Restaurant Closes for Good

Paducah Ryan's Restaurant Closes for Good
Advertisement
By West Kentucky Star Staff
Mar. 08, 2016 | PADUCAH, KY
By West Kentucky Star Staff Mar. 08, 2016 | 12:23 PM | PADUCAH, KY
Folks who have enjoyed Ryan's buffet in Paducah over the years may be disappointed to learn that the restaurant has closed it doors permanently. 

Buffets, LLC, comprised of Ryan’s®, Fire Mountain®, Country Buffet®, Old Country Buffet®, Tahoe Joe’s Famous Steakhouse® and Hometown Buffet®, is set to file Chapter 11 bankruptcy, according to a news release from its parent company, Food Management Partners. FMP says that as part of the restructuring, certain "weaker restaurants", including the Paducah location, will be closing permanently. 

“Buffets, LLC, was acquired by merger in August of 2015. The Chapter 11 filing is prompted by the discovery of liabilities, or alleged liabilities, that we believe were not disclosed in our negotiations,” said Peter Donbavand, FMP Vice President of Business Development. “We intend to investigate the propriety of the disclosures, and intend to consult with our counsel regarding any remedies we may have.”

Donbavand said that in addition to the undisclosed liabilities, FMP was not made aware of an $11.37 million default judgement against Buffets, LLC for an incident that occurred in 2010 prior to the merger. He also noted that in addition to a large decline in sales at the restaurants, several long-term contracts were only recently discovered to be in arrears, and have had to be addressed in order to continue restaurant operations.

“All of these issues are being reviewed by financial and legal professionals,” Donbavand said. “However, we are completely committed to the continued operation of these brands, and this is a necessary step for us to take to make this happen.”
ADVERTISEMENT
Advertisement


Latest McCracken County
ADVERTISEMENT
ADVERTISEMENT

Latest McCracken County

Advertisement
ADVERTISEMENT