The news that the restaurant chains Bennigan’s and Steak & Ale have closed stores and filed for Chapter 7 means that two of the best-known groovin’ 1970s restaurant chains are now, well bankrupt, and many have lost their jobs.But there is a future for these brands. There is valuable intellectual property, and there is no reason why these chains can continue, but be reorganized.
In addition, Bennigan’s Franchising Company, L.P. and Steak & Ale Franchising Company, L.P., the owners of the Bennigan’s and Steak & Ale trademarks and franchise agreements, were not part of the Chapter 7 filing made by its parent company, S&A Restaurant Corp. The 138 domestic and international franchisee-owned restaurants remain open and fully operational. Bennigan’s Franchising Company, L.P. and Steak & Ale Franchising Company, L.P. will continue to provide high quality support services to its franchisees and remain focused on maintaining and maximizing the value of the franchise brands for its franchisees and their loyal customers, according to press statements.