Bennigan's and Steak & Ale bankrupt

[GeoPatSK Senior Member Find all posts View Profile Close GeoPatSK]

Bennigan's and Steak & Ale restaurant chains filed Chapter 7 bankruptcy petitions in the U.S. Bankruptcy Court for the Eastern District of Texas.


Bennigan's, Steak & Ale file for bankruptcy: Financial News - Yahoo! Finance

[bigfrank Administrator Find all posts View Profile Close bigfrank]

I have not been to one of these in years. NO wonder they went under.

[stasik Member Find all posts View Profile Close stasik]

There is one near my office and we used to do lunch there quite a lot. But the quality seemed to have declined quite a lot. When they were the only game in town, that was ok. But there have been a dozen new restaurants opened in the past couple of years.

Still, I am surprised about the Chapter 7 filing. I would have thought that they could do Chapter 11, close a bunch of stores, dispose of some of their real estate and get TGIF or someone to buy them for pennies on the dollar. The company really had to have been in the crapper to take this step. After all, even US Scare managed to get a rescue plan together.