More Signs of the Depression

Tuesday, July 29, 2008
Posted in category Uncategorized
Comments Off

Bennigan’s and Steak & Ale are bankrupt, and will liquidate (except for the franchisee-owned restaurants).

After filing for Chapter 7 bankruptcy, the parent company of national chains Bennigan’s and Steak and Ale on Tuesday shut hundreds of restaurants, putting thousands of employees out of work.

Hundreds of Bennigan’s restaurants have been shut. The move by privately held Plano, Texas-based Metromedia Restaurant Group knocks down two sit-down chains that have been part of the country’s casual-dining landscape for decades.

I thought both chains offered decent value, but nonetheless, the Depression will continue to thin out the ranks, especially in restaurant and retail. Both of these industries rely heavily on consumer discretionary spending and credit card debt.

Be Sociable, Share!
Both comments and pings are currently closed.