What about employee's who were given no notice of the closing. It's a same a billionaire is allowed to hang on to his money while giving the shaft too so many who need the money earned at Bennigan's to survive.
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Bennigan's files for bankruptcy protection
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Bar and grill restaurants have also suffered from intense competition. Morningstar analyst John Owens said several chains expanded quickly, making it more difficult for customers to differentiate between them and forcing many companies to cut prices to lure diners.
"Bennigan's was the weakest of the major players," Owens said.
Meanwhile, commodity costs have soared, forcing chains to either raise menu prices or see profits plunge.
Credit has also been tight, making it difficult for companies to restructure their debt.
In June, Metromedia Restaurants said it was formulating a proposal to present to its lenders to restructure its debt, but said it was not preparing to file for bankruptcy.
In the filing, the company indicated that it has up to 49 creditors and owes less than $50,000. It said it will have no funds left after administrative expenses are paid to repay its creditors.
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