{"id":1003826852,"date":"2008-07-11T12:00:00","date_gmt":"2008-07-11T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2008\/07\/11\/buffet-restaurant-operator-wants-out-of-master-lease\/"},"modified":"2022-12-09T00:07:16","modified_gmt":"2022-12-09T08:07:16","slug":"buffet-restaurant-operator-wants-out-of-master-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/buffet-restaurant-operator-wants-out-of-master-lease\/","title":{"rendered":"Buffet Restaurant Operator Wants Out of Master Lease"},"content":{"rendered":"

Buffets Holdings Inc., through a number of its subsidiaries, has filed a motion with the U.S. Bankruptcy Court for the District of Delaware seeking to reject a master land and building lease for 129 of the company\u2019s restaurants. The motion also seeks court authorization to close 127 of these locations by the end of August (two have already closed). In Eagan, Minn.-based Buffets Holdings’ motion, the company claims a number of issues with the master lease, including above-market rents, mandatory annual rent increases of 2 percent or more and provisions that provide little recourse when restaurants perform poorly. New York-based Fortress Investment Group L.L.C., is the holder of the master lease. All but seven of the restaurants covered by the master lease operate under the Ryan\u2019s or Fire Mountain brand names. All together, Buffets Holdings operates 569 restaurants in 39 states, comprised of 559 steak-buffet restaurants and 10 Tahoe Joe\u2019s Famous Steakhouse restaurants, and franchises 17 steak-buffet restaurants in six states. The restaurants are mainly operated under the Old Country Buffet, HomeTown Buffet, Ryan\u2019s and Fire Mountain brands. The company filed for Chapter 11 bankruptcy protection in January. A hearing for the lease rejection motion has been scheduled for July 30.<\/p>\n","protected":false},"excerpt":{"rendered":"

Buffets Holdings Inc., through a number of its subsidiaries, has filed a motion with the U.S. Bankruptcy Court for the District of Delaware seeking to reject a master land and building lease for 129 of the company\u2019s restaurants. The motion also seeks court authorization to close 127 of these locations by the end of August…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1003826852","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nBuffet Restaurant Operator Wants Out of Master Lease - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/buffet-restaurant-operator-wants-out-of-master-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buffet Restaurant Operator Wants Out of Master Lease\" \/>\n<meta property=\"og:description\" content=\"Buffets Holdings Inc., through a number of its subsidiaries, has filed a motion with the U.S. Bankruptcy Court for the District of Delaware seeking to reject a master land and building lease for 129 of the company\u2019s restaurants. 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