Buffet Partners, L.P., d/b/a as Furr’s Fresh Buffet, a leading regional value-oriented restaurant chain, announced today that is has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Northern District of Texas.
The Company will continue to operate in the ordinary course of business as “debtor-in-possession” under the jurisdiction of the Bankruptcy Court. All 29 of the company’s store locations will remain open, as well as the Lubbock-based Dynamic Foods operation, which provides food and menu items to both Furr’s stores and third-party customers.
“We have and will continue to deliver on our reputation of delivering a wide variety of quality meals served with personalized service at an affordable price”, said Barry M. Barron Sr, Chief Executive Officer of Furr’s, “but 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.”
Furr’s intends to work with all key constituents in its restructuring process to maximize its asset value and to exit Chapter 11 in the quickest and most efficient manner possible.
Furr’s is being advised by John E. Mitchell of Baker & McKenzie as legal counsel, and by Bridgepoint Consulting as its financial advisor.
Furr’s Fresh Buffet is a well- recognized, value-oriented restaurant chain with 29 restaurants in Arizona, Arkansas, New Mexico, Oklahoma and Texas. With a rich, 65+ year operating history and strong brand awareness, Furr’s operates straight-line and scatter-bar buffet units that feature a wide variety of “all-you-can-eat,” “home-cooked,” high quality foods served with personalized service at an affordable price.
The Company enjoys a unique competitive advantage through its Dynamic Foods division, a fully integrated food processing, manufacturing, warehousing and distribution operation centrally located in Lubbock, Texas, that services Furr’s restaurants and a host of external customers.