Bennigan's Files For Bankruptcy Protection - KTRE.com | Lufkin and Nacogdoches, Texas

Bennigan's Files For Bankruptcy Protection

NEW YORK (AP) - Restaurant chains Bennigan's and Steak & Ale have filed for Chapter 7 bankruptcy protection and stores owned by its parent company will shut their doors.

The companies filed for bankruptcy protection in the Eastern District of Texas.

Their parent company... privately held Metromedia Restaurant Group, is based in Plano.

It wasn't clear whether franchisee-owned restaurants would be closing as well.

Employees at a Bennigan's in Plano were greeted by a sign today on the front door reading "WE ARE CLOSED. THANK YOU."

Next door, a Steak & Ale sat empty in a deserted parking lot but there was no sign posted.

The news appeared to be a shock to most of the company's employees, but some may have had an inkling that the company was not doing well.

In a Chapter 7 bankruptcy filing, a company seeks to liquidate its assets and shut down.

In the filing, the company indicated that it has up to 49 creditors.

It said it will have no funds left after administrative expenses are paid to repay its creditors.

Here is a list of the restaurants locations that will remain open in Texas:

 

DRW Airport

Round Rock

San Marcos

Austin

Brownsville

San Antonio

Irving

 

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