Buffets looks to sell three more restaurants

By Caroline Salls

Pittsburgh, Feb. 8 - Buffets Holdings, Inc. requested court approval to sell three restaurant properties for a total of $3.83 million, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Northstar Ventures LLC has agreed to buy the company's Fairfield, Ohio, property for $1.25 million and its Franklin, Ohio, property for $1.05 million, and First National Bank of Grant Park will buy Buffets' Bourbonnais, Ill., property for $1.53 million.

The buyers will pay a total of $153,000 in broker's fees.

The Northstar Ventures sales are expected to close by March 14, and the First National Bank sale must close by March 31.

According to the motion, the restaurants on the properties being sold have not been performing adequately, and Buffets said it does not expect them to become profitable.

As a result, the restaurants have been closed and the properties are being sold.

Buffets said no auctions are necessary because it is confident that its extensive pre-bankruptcy marketing process uncovered the most valuable offers for the properties.

A hearing is scheduled for Feb. 27.

Buffets Holdings, a steak-buffet restaurant company based in Eagan, Minn., operates restaurants under the names Old Country Buffet, HomeTown Buffet, Ryan's and Fire Mountain. The company filed for bankruptcy on Jan. 22, and its Chapter 11 case number is 08-10141.

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