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Say Goodbye to Bennigan's, Steak and Ale

Say Goodbye to Bennigan's, Steak and Ale

For national chains Bennigan's and Steak and Ale, there is no pot o' gold at the end of the rainbow: The companies filed for bankruptcy protection and shut down all 292 corporate locations yesterday.

For the two bar and grill chains, the downhill slope has come steep and fast. In June, parent company Metromedia Restaurant Group asked lenders to restructure its debt, as earnings were lower than expected. A week ago, the group's CEO resigned. And yesterday, all of the corporate locations for the Irish-themed taverns and country steakhouses appeared empty. The company stated:

Similar to other members of the casual dining industry, current economic and industry trends have adversely affected the group's overall financial performance.

Fans need not despair just yet — for now, the franchise locations will stay open. But the question remains: for how long?

Source

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