So, Bennigan's Lives? Steak & Ale Too? Good Luck With All That.
Three months after Plano-based Metromedia Restaurant Group shuttered most of its Bennigan's locations in the middle of the night comes word that the franchise will soldier on under new ownership. New York City- and Atlanta-based Atalaya Capital Management issued a release this morning saying that the U.S. Bankruptcy Court for the Eastern District of Texas in Sherman has approved its acquisition of Bennigan's Franchising Company -- "including the company's equity, trademarks and other assets, including the Tavern and Steak & Ale brands," which should make Norm Brinker happy, if nothing else.
The deal's expected to close by Halloween, after which time Atalaya says it will "re-open up to 60 previously closed company-owned restaurants as well as open new franchisee-owned locations both domestically and internationally." In case you missed your Monte Cristo. --Robert Wilonsky