From the WSJ:
National restaurant chains Bennigan’s and Steak & Ale have closed their doors and filed for Chapter 7 bankruptcy protection, shuttering more than 300 locations and letting go of thousands of employees.
It is one of the country’s largest restaurant bankruptcies and eliminates two sit-down chains that have been part of the casual-dining landscape for decades. The chains will liquidate and aren’t likely to re-open.
What about the systemic risk, people? Can’t the Fed gin up a Term Restaurant Supplies Lending Facility to help out here? Can’t Hank Paulson get Congress to let him take an equity stake to keep Bennigan’s going?
Update: Matt Selman has written a Bennigan’s poem. A sample:
But who could hate, fake Irish lore
And bacon chunks, deep-fried
The cooks were from El Salvador
But they felt Celtic pride