3 Iconic American Buffet Chains That Came Roaring Back From Bankruptcy
Children of the '90s know the glory of the all-American buffet heyday. From Old Country Buffet to New China Buffet, the country was once a society full of food-warming trays and the potential for soul-warming savings. Back then, parents and guardians might have even reported their children as "under ten" — even long after entering adolescence — in order to save even more money. Meanwhile, adults dined like royalty from stations full of meat carved to order, crab legs piled high, and a king's ransom of sliced cucumbers.
Chances are good that, if you lived through the '90s and early 2000s, you experienced the golden age of Golden Corral and other buffet restaurants like it. Even if you never had the personal opportunity to maximize a visit to the Sizzler salad bar, you might have assumed that the heyday of American buffet chains was long over. Given that buffets have always operated on margins thinner than a warming tray scalloped potato, you wouldn't be wrong to assume that increased food costs, high overhead, the tolls of inflation, E.coli and other foodborne illness outbreaks, the COVID-19 pandemic, and shifting consumer preferences (not to mention tighter discretionary budgets) destroyed the country's once-thriving love of buffets. However, while plenty of other restaurant chains are struggling or even facing bankruptcy, a trio of restaurant brands are serving up plates full of that seemingly impossible-to-nail dish: a comeback from buffet chain bankruptcy.
Cicis Pizza and Mr Gatti's Pizza
Mr Gatti's Pizza officially got its start in Texas in 1969. Sovrano LLC, the owner of the pizza buffet chain, filed for Chapter 11 protection in January 2019, citing a "liquidity crisis" due in part to running some store locations at a loss. In November 2019, the chain exited bankruptcy with plans to expand via franchised locations, and the clarification that their bankruptcy declaration was not due to poor sales. More recently, Mr Gatti's opened 15 locations within Walmart stores, and plans to open another 23 Walmart-based locations in 2025. The chain also plans to expand its standalone restaurant fleet by adding 10 store locations, including restaurants in Portland, Big Spring, TX, and Sanford, NC.
Cicis Pizza was also founded in Texas, in 1985. The chain filed for bankruptcy in January 2021, citing the destructive impact of the COVID-19 pandemic on its dining room-based business. Just under two months later, Cicis exited both bankruptcy and private equity group ownership — with big plans, under new private ownership, to bounce back from the loss of almost one hundred stores. Cicis is celebrating its 40th anniversary in 2025, with a fleet of almost entirely franchised stores featuring cutting-edge technology, redesigned interiors, and updated distribution and marketing practices. Cicis president, Jeff Hetsel, explained to industry publication, QSR Magazine, "If you want to have parties at Cicis, we have large dining rooms. If you want to do birthdays, we have games, but largely, people really come for the food and for the value."
Golden Corral
Golden Corral was founded in North Carolina in 1973. The buffet behemoth is known for its endless buffet options, as well as a vaguely Western restaurant theme that has seen its flamboyance watered down over the years. The chain offers buffet dining including a salad bar, and grill-to-order proteins, including steak.
Golden Corral has never declared bankruptcy on the whole, but some of the largest franchisees certainly have. The COVID-19 pandemic hit Golden Corral where it hurts: the dining room. 2021 saw bankruptcy filings from the top two largest Golden Corral franchise groups, 1069 Restaurant Group, LLC and Platinum Corral. However, by 2023, the greater Golden Corral buffet chain had started to claw its way back.
Golden Corral has held strong and even shown record sales since its near-fatal pandemic slowdown. "God has proven he loves a buffet," Golden Corral CEO, Lance Trenary, told industry publication, FSR Magazine in 2023. Trenary also highlighted how shedding massive company debt took Golden Corral from "surviving to thriving." Plus, Trenary added that the company has been able to invest in "helping our franchisees grow their businesses faster and further than they've ever been able to do it." Golden Corral has embraced innovative digital ordering technology, encouraged franchise development, and even launched a spin off fast-casual eatery concept that isn't buffet-based, Golden Corral Favorites. It also seems evident that the chain's continued success lies in providing abundant variety at value pricing to consumers trying to avoid wasting money at restaurants.