Buffets posts $16.26 million loss from operations for September

By Jennifer Lanning Drey

Portland, Ore., Oct. 22 - Buffets Holdings, Inc. reported a $16.26 million loss from operations for the period of Aug. 28 to Sept. 24 on $102.23 million in total sales, according to its monthly operating report filed Wednesday with the Securities and Exchange Commission.

The figures compared to $4.38 million of earnings from operations for the period of July 31 to Aug. 27 on $222.09 million in total sales.

The net loss for the latest period was $41.50 million, widening from a $6.04 million net loss for the previous period.

The company had cash and cash equivalents of $46.87 million at Sept. 24, down from $71.59 million at Aug. 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, 2008 in the U.S. Bankruptcy Court for the District of Delaware, and its Chapter 11 case number is 08-10141.

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