Bennigan's

Two months ago, we reported the end of restaurant chains Bennigan's and Steak & Ale. Well, we've just learned that they're coming back to life! Private equity firm Atalaya is buying the two brands and their trademarks. It will partner with the Bennigan's franchises still standing to grow business, as well as try to reopen company-owned Bennigan's locations that closed after the bankruptcy.
The Steak & Ale brand closed in its entirety during bankruptcy, but Atalaya intends to leave the option open in the future for franchisees to open independently-operated Steak & Ale restaurants.

According to Atalaya managing director Joel Holsinger, the key to success this time around will be the new menu that's being developed: it will focus on quick pub fare, such as sandwiches, burgers, onion rings, and booze.

While I haven't been to a Bennigan's or Steak & Ale in years, some of you must be excited to hear about your Bennigan's potentially reopening. Do you think the menu overhaul will make the chain profitable again?

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Restaurant chain Ruby Tuesday announced its plans to destroy one of its locations next Tuesday in an explosion that will be broadcast live on its website. The explosion signals a new era for the chain, something the company has been trying to do with its slogan, "It's a brand new Tuesday."

The bomb will go off on Aug. 5 at 3 p.m. EDT, at an undisclosed restaurant location which is the last remaining "old-style site." The overhaul includes a new "simple, fresh, American dining" menu and revamped décor. The makeover was the plan of David Oakley, who said:

They have redone everything . . . gotten rid of all the bicycles hanging from the recycles, the surfboards and old movie posters to point where there wasn't an inch of space.

With an oversaturated sit-down restaurant market and an increasingly poor economy, the casual dining industry has been reeling. This campaign comes on the heels of an announcement two days ago that Bennigan's would be closing almost 300 restaurants after more than 30 years. What do you think about the bombing? Will you watch?

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It's a sad week, people. Bennigan's has filed for bankruptcy. Where, oh, where am I going to get my deep-fried cheese sticks, chicken strips (aka "Chicken Fingers"), and well, fried whatever with a blue cheese dipping sauce in a friendly, corporate, nondescript atmosphere? (Oh yeah, pretty much anywhere!)

Thanks for the hilarious video, AdFreak!

For national chains Bennigan's and Steak and Ale, there is no pot o' gold at the end of the rainbow: The companies filed for bankruptcy protection and shut down all 292 corporate locations yesterday.

For the two bar and grill chains, the downhill slope has come steep and fast. In June, parent company Metromedia Restaurant Group asked lenders to restructure its debt, as earnings were lower than expected. A week ago, the group's CEO resigned. And yesterday, all of the corporate locations for the Irish-themed taverns and country steakhouses appeared empty. The company stated:

Similar to other members of the casual dining industry, current economic and industry trends have adversely affected the group's overall financial performance.

Fans need not despair just yet — for now, the franchise locations will stay open. But the question remains: for how long?

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