Another business fell victim to the sagging U.S. economy today as Bennigan's restaurants filed Chapter 7 bankruptcy and closed its doors without warning. Just last month, parent company Metromedia Company, claimed there were no plans to file bankruptcy. How quickly things change. Today, many a Bennigan's customer and employee arrived at their local restaurant to find the doors shut forever. Even Bennigan's restaurant managers only heard of the closures this morning.
There are about 300 Bennigan's restaurants, and approximately 80-100 are franchise locations. According to the Chicago Sun Times, some of those franchise locations will remain open.
It's a shame to see so many companies that have been around for so long struggle and fail these days. Of course, much of Bennigan's demise could probably be blamed on poor marketing strategy over the past decade when competition grew fierce, but nevertheless, as a consumer, it makes you wonder if companies like Bennigan's could have survived under different economic conditions.
What do you think?
Wow another business goes under because they pay their big wigs too much money. Damn huppies. Think you for doing your part at making this economy worse. It is pretty sad to see all these innocent people loss their jobs and lose everything they have and not be able to eat due to the owners of these businesses spending all their money on yachts, million dollar homes, hundred thousands on cars instead of investing in their company to prevent bankruptcy from happing. I want to say thank you for being heartless, and being greedy.
Posted by: Anonymous | August 9, 2008 6:26 AM | Permalink to Comment