Buffet Partners LP, which operates the Furr's Fresh Buffet regional restaurant chain, said Tuesday that it will file for Chapter 11 bankruptcy protection in an effort to restructure its debt load.
The company said all 29 of its restaurants, located across Arizona, Arkansas, New Mexico, Oklahoma and Texas, will remain open. Its Lubbock, Texas-based Dynamic Foods operation will continue to provide food and menu items to both Furr's stores and third-party customers. Buffet said it hopes to exit Chapter 11 as soon as possible.
"With the challenges facing our industry and the liquidity constraints due to our indebtedness and the recent ice storm, we need to explore options to restructure our debt, recapitalize, and position ourselves for future growth," said CEO Barry M. Barron, Sr.
The privately held company filed in the Northern District of Texas. John E. Mitchell of Baker & McKenzie is acting as legal counsel, and Bridgepoint Consulting is serving as financial adviser.