Tuesday, July 29, 2008

Will Your Town Become A Ghost Town?

Via Atrios (he writes, "Recession could bring a lot of these."):

Bennigan's and Steak-and-Ale restaurant chains, owned by Metromedia Restaurant Group, sought permission to liquidate in bankruptcy court protection, without citing a reason.

The Wall Street Journal recently reported that the Metromedia Restaurant Group prepared a bankruptcy filing after allegedly violating several terms of a lending agreement with GE Capital Solutions.
I hope our country won't turn into a ghost town.

On the brighter side, maybe as our economy eventually recovers, a lot of those real estate properties forsaken by the big corporations will be snatched up by interesting new small businesses.

And it probably closed (instead of another restaurant) because it’s so corny to sit in a restaurant that pretends to be a local, family-owned dive (by hanging fake souvenirs all over the walls) eating reheated, pre-made frozen meals. The ambiance is nice until you realize you’re being suckered by a big corporation while there are still plenty of small-business restaurateurs out there who would appreciate your business.