Bankruptcy of S&A Restaurant Group
Metrommedia Restaurant Group also formerly operated certain Bennigan's and Steak and Ale under the S&A Restaurant Group division. This division was forced into an involuntary Chapter 7 liquidation by its lender, GE Capital, in August 2008, and closed over 300 company-owned Bennigan's and Steak and Ale restaurants. The franchise-owned Bennigan's locations were not named as debtors in the bankruptcy and continued to operate, nor were the Bonanza and Ponderosa Steakhouse chains, operated by a different subsidiary, Metromedia Steakhouses Co. LP, affected by the filing. Atalaya Capital Management bought the Bennigan's and Steak and Ale brands and their franchisor later that year.
Read more about this topic: Metromedia Restaurant Group
Famous quotes containing the words bankruptcy of, bankruptcy, restaurant and/or group:
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)
“A restaurant is a fantasy—a kind of living fantasy in which diners are the most important members of the cast.”
—Warner Leroy, U.S. restaurateur, founder of Maxwell’s Plum restaurant, New York City. New York Times (July 9, 1976)
“We often overestimate the influence of a peer group on our teenager. While the peer group is most influential in matters of taste and preference, we parents are most influential in more abiding matters of standards, beliefs, and values.”
—David Elkind (20th century)