Bennigan's, Steak & Ale File For Ch. 7

Law360, New York (July 29, 2008, 12:00 AM EDT) -- Bennigan's Grill and Tavern and Steak & Ale, two major national restaurant chains, filed for Chapter 7 Tuesday, immediately shutting down more than 300 locations and laying off thousands of workers.

The chains are set to liquidate their assets and are not likely to reopen, according to a statement from the company's parent, Metromedia Restaurant Group. It is one of the largest restaurant industry bankruptcies ever and was filed in the U.S. District Court for the Eastern District of Texas.

The statement also said that franchisees...
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