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July 07, 2008

All-you-can-eat Dividend Recaps Sink Major US Restaurant Chain

The collapse and bankruptcy of Buffets, Inc. - the largest chain of buffet-style restaurants in the US which at one time employed over 36,000 workers - provides an object lesson in how private equity owners can get their cash out quickly through dividend recapitalizations, suffocate a business to the point of bankruptcy under accumulated debt… and still turn a profit.

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