Your Daily Bankruptcy: ARG Enterprises (Black Angus Steakhouse)

[Cessna Invesco Palin]

It employed 3600.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aGiMYbsCjwLE&refer=worldwide

Jan. 15 (Bloomberg) -- ARG Enterprises Inc., the operator of 69 Black Angus Steakhouse restaurants in seven states in the western U.S., sought bankruptcy protection and said it is seeking a buyer.

Closely held ARG, with headquarters in Los Altos, California, said in today’s Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Delaware, that it has between $100 million and $500 million in both assets and debts.

“The debtors’ restaurants primarily are located in some of the areas hardest hit by the mortgage crisis, causing consumers in those markets to cut back on discretionary spending,” Lisa Poulin, ARG’s chief restructuring officer, said in a statement filed with the bankruptcy court.

Several casual-dining style chains have filed for court protection in the past year, including Bennigan’s Steak and Ale restaurants and Buffet Holdings Inc. Pecus ARG Holding Inc., the owner of ARG, and subsidiary ARG Property Management Corp. also filed bankruptcy petitions.

[lonestarnot]

1. woopsie.

[NOW tense]

2. Steakhouses should always be locally owned restaurants.

Actually that is how I feel about all restaurants.

[Cessna Invesco Palin]

4. Why?

If I create a successful restaurant, why shouldn't I be able to open one wherever I want?

[K Gardner]

3. Black angus' all over the country are celebrating. n/t