Old Country Buffet - #13
Founded in 1983 in St. Cloud, Minnesota by Roe Hatlen and C. Dennis Scott, Old Country Buffet quickly became a staple in the American dining scene.
Hatlen and Scott leveraged their experience from International Kingโs Table to create a buffet-style operation that was both economical and appealing to customers.
By 1985, the chain had expanded to nine locations, and it went public with an initial offering of 525,000 shares.
At its peak in the year 2000, Old Country Buffet operated over 650 locations, making it one of the largest buffet chains in the U.S. with a 22% market share (buffet restaurants).
The chain merged with Ryan's Restaurant Group in 2006 but faced financial difficulties, leading to multiple bankruptcies in 2008, 2012, 2016, and 2021.
Aggressive expansion and debt led to unsustainable operations, contributing to its decline and the shift towards casual dining and more modern buffet concepts, such as Golden Corral, further eroded Old Country Buffet's market share and performance.
The last restaurants closed with the 2021 bankruptcy. BBQ Holdings Inc. (which owns Famous Dave's) acquired the Old Country Buffet intellectual property in October 2021, but there are no plans to revive the brand.
