Paulson, Bernanke draw the line at Bennigan's
From the WSJ:
National restaurant chains Bennigan's and Steak & Ale have closed their doors and filed for Chapter 7 bankruptcy protection, shuttering more than 300 locations and letting go of thousands of employees.
It is one of the country's largest restaurant bankruptcies and eliminates two sit-down chains that have been part of the casual-dining landscape for decades. The chains will liquidate and aren't likely to re-open.
What about the systemic risk, people? Can't the Fed gin up a Term Restaurant Supplies Lending Facility to help out here? Can't Hank Paulson get Congress to let him take an equity stake to keep Bennigan's going?
Update: Matt Selman has written a Bennigan's poem. A sample:
But who could hate, fake Irish lore
And bacon chunks, deep-fried
The cooks were from El Salvador
But they felt Celtic pride
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1
Just give them the iraq food rations contract.
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2
Ah-ha! Let them eat cake.
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3
Ah, but was Bennigan's too big to fail? Tough decision there, but I think the Fed made the right call here. If Applebee's goes next, you might see them rethink that.
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4
It's an amazing sign that Bennigan's has gone down. They started the trend that has led us to masses of TGI Fridays, Ruby Tuesday's, and Larry Flynt's Breakfast Buffets on dreadful every suburban corner.
And it goes to show you that much like we are seeing with Starbucks - a new and seemingly "hip" environment will only get you so far with the quality of your product. In Bennigan's case, of course, it's the bad food, and with Starbucks, the horrific java.
Viva la Ma & Pop!
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5
McDonalds is definitely too big to fail. Don't know about Applebee's. And the Fatty Crab on Hudson Street in NY is too good to fail.
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6
I don't think I could eat at a place called Fatty Crab.
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7
Damn...and I really really really liked Bennigan's crispy chicken salad with honey mustard dressing.
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