Bennigan’s closes, T.G.I.Friday’s now set for world domination
July 29, 2008There’s now one less player in the casual-dining space. Well actually two fewer, both owned by the same operator: Bennigan’s and Steak & Ale are going into bankruptcy. And not the nice bankruptcy, Chapter 11, where you try to stay up and running. This is apparently the other kind, the going-out-of-business kind of bankruptcy.
The company-owned stores close immediately. I’m not sure what will happen to the franchisee-owned, but presumably those can stay open for now. Maybe one of the stronger franchisee’s will pick up the brand out of bankruptcy to keep it going.
I haven’t eaten at a Bennigan’s in quite a while. I don’t recall seeing one here in Nashville, and I”m not sure I ever saw one in Louisville either. It’s probably been since college, the last time I ate there.
This of course means the remaining players in the casual-dining space have an opportunity to get bigger. There will be a couple hundred restaurant locations opening up thanks to this bankruptcy. Like the world needs more T.G.I.Friday’s and Carrabas Grill.