Bennigan's Update

Monday, August 4, 2008 - 5:51 PM EDT Modified: Tuesday, August 5, 2008 - 8:39 AM
Report: Firms to take over Bennigan's franchise systemOrlando Business Journal
http://orlando.bizjournals.com/orlando/stories/2008/08/04/daily12.html

Texas Roadhouse makes offer for Bennigan's, Steak & Ale gift cards [Orlando]
Nationally, lots of stores closing, but few in New Mexico [Albuquerque]
Most local Bennigan's to remain open [Austin]
Bennigan's, Steak & Ale file bankruptcy [Jacksonville]
Bennigan's, Steak & Ale file for bankruptcy protection [Baltimore]

Two New York financial firms are taking over management of the Bennigan's Grill & Bar franchise system, according to an Aug. 1 report in Nation's Restaurant News.

Atalaya Capital Management LP and CRG Partners on July 31 told Orlando-based JRJ Restaurants Ltd., which operates two Central Florida Bennigan's restaurants, about the company's plans, JRJ Restaurants principal Tyrone Nabbie told Orlando Business Journal.

The firms said they plan to keep the franchise system's infrastructure intact in the wake of the Chapter 7 bankruptcy filing of the restaurant chain's parent company, S&A Restaurant Corp. and its affiliated companies, Nabbie said,

Representatives from Atalaya Capital Management and CRG Partners Group were unavailable for comment.

JRJ Restaurants operates a Bennigan's near Old Town in Kissimmee and another in Lake Buena Vista's Crossroads shopping center, both of which will remain open, Nabbie said.

Plano, Texas-based Metromedia Restaurant Group, owner of S&A, closed about 127 Bennigan's and 55 Steak & Ale restaurants nationwide when the bankruptcy was filed on July 29, according to the Nation's Restaurant News.

A Baton Rouge franchisee said 134 franchised Bennigan's continue operating, including 80 domestic and 54 international units, the Nation's Restaurant News report said.

Joe Friedman, the attorney representing S&A's Chapter 7 trustee Michelle Chow, could not be reached.