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In 2000, investors paid $643 million for America's biggest buffet chain. By 2016 it had gone bankrupt three times. Now a buffet chain that died in the pandemic says it's coming back. For decades, all-you-can-eat looked like a gold mine. Old Country Buffet grew to hundreds of restaurants on a simple bet: most diners eat less than they pay for, and the big eaters are paid for by everyone else. Then the plate math stopped working. A buyout loaded the chain with debt, cost cuts drove away the light eaters who paid for everyone else, grocery stores and fast casual stole the busy family dinner, and the pandemic finished off chain after chain. In this file: how the buffet business really made money, who paid for whom, why Wall Street's money broke it, and what's left in 2026, from the last buffets on the Las Vegas Strip to Golden Corral's new strategy and the surprise return of Souplantation. Companies and topics in this file: Old Country Buffet, Ryan's, Buffets Inc, Ovation Brands, Souplantation, Sweet Tomatoes, Golden Corral, Las Vegas buffets, Bacchanal, Gen Korean BBQ, Costco, Chipotle, fast casual, leveraged buyouts, Chapter 11 bankruptcy, restaurant food cost, and all-you-can-eat economics. Chapters 0:00 A dead buffet chain is coming back 0:40 How buffets became a gold mine 1:47 The plate math: who really pays 2:53 $643 million and three bankruptcies 4:18 The world moved on 5:26 2026: Vegas, Golden Corral and the comeback 7:33 What the buffet teaches us What was the buffet your family went to growing up? Tell us in the comments. Narrated with an AI voice reading our own researched script. Footage: Pexels (free licence). Source screenshots used for commentary and citation. #business #buffet #restaurants #businessexplained #FileZero
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