Buffets restaurant sales approved

By Caroline Salls

Pittsburgh, July 15 - Buffets Holdings, Inc. obtained court approval of the sales of its properties in Niles, Ohio, and Lexington, Ky., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, Napstak, LLC has agreed to pay $900,000 for the Niles property, and Sirius Equity Partners, LLC has agreed to pay $1.05 million for the Lexington property.

According to the motion, the Lexington property houses a restaurant that will be closed by the sale closing, and the Niles property is an undeveloped plot of land on which Buffets previously considered building a restaurant.

The Lexington property sale is expected to close on July 29, and the Niles property sale is scheduled to close on July 31.

According to Tuesday's filing, the company withdrew its motion to sell a Findlay, Ohio, restaurant property.

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, 2007, and its Chapter 11 case number is 08-10141.

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