Thursday, February 16, 2012
Industry News: Decelerating
Buffets Inc. has filed for Chapter 11 bankruptcy protection and closed 81 restaurants. The company is parent to the Old Country Buffet, HomeTown Buffet and Ryan’s brands, and operates and franchises restaurants under the Country Buffet, Fire Mountain and Tahoe Joe’s Famous Steakhouse brands. The company has 494 units in 38 states...United Retail Group Inc., owner of the Avenue plus-size women’s clothing stores, filed for bankruptcy court protection citing leasing costs, and announced plans to sell the company. United has 433 Avenue stores in the US. The company plans to close 14 stores in the next month...Landry’s Inc. shuttered at least 8 Morton’s Steakhouse units in various markets as it completed its acquisition of the company. There are 58 remaining US Morton’s locations…Esprit will close all 93 stores in North America, after abandoning plans to sell the business or find an operator to run the stores. Esprit plans to find one or more license partners to maintain the brand’s presence...Abercrombie & Fitch will close 180 of US stores by 2015. Last year, Abercrombie closed 71 US stores, including 68 during the holiday season.