Bennigan's Goes Bust, Steak & Ale Too

(AP)  Restaurant chains Bennigan's and Steak & Ale have filed for Chapter 7 bankruptcy protection and will shut their doors.

The companies filed for bankruptcy protection in the Eastern District of Texas. Their parent company - privately held Metromedia Restaurant Group - is based in Plano, Texas.

In a Chapter 7 bankruptcy filing, a company seeks to liquidate its assets and shut down.

In the filing, the company indicated that it has up to 49 creditors. It said it will have no funds left after administrative expenses are paid to repay its creditors.

Neither Bennigan's nor the Metromedia Restaurant Group returned calls for comment.

[tomsand70]

I just received a gift certificate for anniversary what do i do? just received it th 25th of july?? who do i contact?

[valentin73]

I wonder who''s next in line:
Chili''s
TGIF
Why do good restaurants have to close down?
Funny how Ding Dong restaurants are still around:
Jack in the box
Burger King
Wendy''s
McDonald''s (oops, sorry Micky Dee''s)

[payasyougo]

Hey, former Steak&Ale employees:

Who has the recipe for that bread you serve? I''ll give you five bucks for it.

[morganbarber]

Only the strong will survive, not the mismanaged.

[wardoglrs]

http://www.rapidtrends.com/blog/

[rushlimpdrug]

Posted by BC_Kelly at 02:16 PM


Very good post


Posted by thgdriver at 07:31 PM

- too bad for you.

[jerriemc23]

BC_Kelly:
nice post

there will be more

[whitemale08]

More evidence that Reagan''s trickle-down supply-side voodoo economics dowsn''t work.

Once the "big box retailers" start laying off low wage workers, that''s when you know that the Republican "tax cuts for the rich" have failed.

[my2centss]

What no taxpayer bailout? Like the banks are getting.

[kevzgrl]

I agree with cheetah-man7, this restaurant company files for bankruptcy protection and will pay off a few of their creditors, at a fraction of what they owe, and that will be it. However, what about the wages they owe their employees for the last few weeks they worked? My guess is they will be at the end of the line, holding out their hands, only to be told "Sorry, there was only so much to go around" Most of them won''t be eligible for unemployment, as they were not making enough per week to qualify, so they are out of luck there, also.
That in turn will trickle down to the rest of the economy, because even though they were never paid a LIVING wage, they still made some money and paid taxes. Who will be next to hit the chopping block?
Thanks, Mr. Bush, I feel so optomistic about the economy right now - I am sure you are right, we are just in a temporary dip....