Belle Meade Buffet owner files for Chap. 11 reorganization

Bankruptcy attorney says prior owner left behind more debt than buyer had foreseen

Email | Print By E. Thomas Wood

Yet another classic old-Nashville eatery is in the news today. In a year that has seen the demise of Vandyland, the resurrection of Nero's Cactus Canyon and the relocation of Goldie's Deli -- all stories you saw first in NashvillePost.com, by the way -- now comes a Chapter 11 reorganization filing from the owner-operator of the Belle Meade Buffet.

The Nashville Company Inc., which has run the Southern-style cafeteria in Belle Meade Plaza since 1961, filed for protection from creditors this morning in Nashville's U.S. Bankruptcy Court. The Buffet remains open for business. The petition, a copy of which is available at this link, lists total company assets of $127,522 and liabilities of $400,579.

The largest unsecured debts noted in the filing were some $32,700 to restaurant landlord BMP/Robin Realty of Nashville, $29,000 to locally based cookbook publisher Favorite Recipes Press, and $15,000 to WTVF/News Channel 5.

Some of the company's liabilities came as a surprise to the Buffet's former general manager, Corey Nix, when he bought it from local restaurateur Brian Glasser earlier this year, according to attorney Steve Lefkovitz of Nashville, who is representing the company. In recent months, Lefkovitz said, Nix has discovered "more debt than he foresaw" in due diligence before he purchased the restaurant.

Asked whether litigation over the additional debt might be in the offing, Lefkovitz replied that no lawsuits have been filed "yet" and that if any litigation does ensue, it will be filed as part of the bankruptcy proceedings.

Glasser, who is also a proprietor of the Belle Meade restaurants Finezza and Whitfield's, could not be reached before the publication of this story. NashvillePost.com will update it if he responds to our request for comment.

The bankruptcy court filing sketches a steady decline in revenues at the Buffet, as sales have fallen each year since 2002's gross of $2.35 million. In 2005, the cafeteria generated revenues of $1.79 million, while to date this year it has taken in only about $834,000.

Still, Lefkovitz said the business "continues to cashflow" and is operating at a profit. The attorney expressed confidence that a reorganization can succeed. "This is one I feel very comfortable that we will turn around," he said.