The Ryan’s buffet restaurant in Cullman closed suddenly on Monday, as the chain’s corporate owner filed for Chapter 11 bankruptcy due to dwindling profits and a host of reportedly unprofitable locations.

A sign on the door as of Monday said the shop was closed for “asset inventory,” though work crews moving furniture from the store said it was closed indefinitely. 

Texas-based Buffets LLC., which owns Ryan’s, filed for chapter 11 in U.S. Bankruptcy Court in San Antonio, listing assets of less than $50 million and debts in the range of $50 million to $100 million, according to the Wall Street Journal. Company-wide sales are reportedly down 22 percent this year, and the company closed approximately 150 low-performing locations in recent weeks in an effort to cut costs.

The company reportedly operated more than 300 restaurants in 35 states, before the mass closures began.

Along with the Ryan’s branding, Buffets LLC. also operates restaurants under the names Old Country Buffet, HomeTown Buffet, Fire Mountain, and Tahoe Joe’s. The company was recently merged with Ovation Brands.

In a prepared statement, company official Peter Donbavand said the low-performing stores are being closed in an effort to stabilize the company as a whole. Affected employees will be allowed to apply for positions at surviving stores, though it’s unknown how close those restaurants might be to the affected locations in any given situation, or how many openings might be available.

“[B]ased on ongoing assessments of individual restaurants, it is necessary to shutter locations for the continued viability of the brands and our employees … While we cannot predict future market conditions, the plan is to continue operating the remaining Ovation Brands’ restaurants as they are financially viable,” he said. “Although the overall number of employees affected by closures is large, employees of closed restaurants will be given the opportunity to apply for positions at operating stores, and we expect many to take advantage of that opportunity. Additionally, we will be adding staff to the operating restaurants, enabling us to provide the service levels our guests expect and deserve.We know that these decisions are not easy, however, we strongly believe that this direction is best for the long-term health of all brands.”

Along with the Ryan’s in Cullman, several other locations across the state of Alabama have also been shuttered.

Attempts to reach a local representative for comment were unsuccessful.