Bennigan's, Steak & Ale file bankruptcy

Bennigan's, Steak & Ale file bankruptcy

Restaurant chains Bennigan's and Steak & Ale have filed for Chapter 7 bankruptcy protection. Their parent company, Metromedia Restaurant Group based in Plano, Texas, filed for Chapter 7 bankruptcy protection in the Eastern District of Texas.

In a Chapter 7 bankruptcy filing, a company seeks to liquidate its assets and shut down.

In the filing, the company indicated that it has up to 49 creditors. It said it will have no funds left after administrative expenses are paid to repay its creditors.