I was shocked to hear that restaurant chains Bennigan's and Steak & Ale have filed for Chapter 7 bankruptcy protection. This also means stores owned by its parent company will shut their doors.
The companies owned by privately held Metromedia Restaurant Group of Plano, Texas, filed for bankruptcy protection Tuesday in the Eastern District of Texas, less than two months after Metromedia said it was not preparing to do so. Metromedia Restaurant Group is a part of Metromedia Co., owned by billionaire John Kluge, that has interests in entertainment, radio stations and medical equipment. In a Chapter 7 filing, a company seeks to liquidate its assets and shut down.
Locations owned by franchisees were not part of the bankruptcy filing and will not be shut down, said Larry Briski, president of the Bennigan's Franchise Operator Association.
We went to a Bennigan's in Highland Park, IL less than a month ago to celebrate my son's birthday. It was their favorite restaurant. I'm only hoping it's one of those franchises that are not affected by the bankruptcy. Good luck to all those affected by this sad event.
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