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07-30-2008, 07:21 PM #1
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Restaurant Chains Close as Diners Reduce Spending Bennigan's
Restaurant Chains Close as Diners Reduce Spending
Bennigan’s is among the chains squeezed by high food costs and a shift in consumer spending habits. Its closing will cost hundreds of jobs.
By MICHAEL M. GRYNBAUM
Published: July 30, 2008
Several national restaurant chains were shuttered on Tuesday, possibly offering an early taste of what’s in store this year for businesses that depend on free-spending consumers whose budgets are now being squeezed.
The parent company of Bennigan’s, an Irish-themed bar and grill with about 200 sites across the country, filed for bankruptcy, a move that will put hundreds of employees out of work and leave many landlords with empty retail space during a painful time in the real estate market.
A sister brand, Steak & Ale, will also close. Franchise units of Bennigan’s will remain open for now, a spokeswoman, Leah Templeton, wrote in an e-mail message.
The restaurants are the latest casualties in the so-called casual dining sector, considered a cut above fast food. Soaring food costs and a surfeit of locations have hurt the companies’ bottom lines just as Americans are choosing to take more meals at home.
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