Astrology of Business: Bennigan’s Bankruptcy Filing
Wednesday, August 6th, 2008The company that owns the Bennigan’s and Steak & Ale restaurant chains has filed for bankruptcy protection and will close its company-owned restaurants.
Bennigan’s and Steak & Ale are owned by S&A Restaurant Corp. . . Neither Bennigan’s nor the parent company’s affiliate, Metromedia Restaurant Group, returned calls for comment.
One news story chalked up this restaurant closing to the bad economy, saying that in general companies are having a difficult time borrowing money to restructure their debt, but the economy was not bad enough to close all these restaurants, just the company owned ones.
Locations owned by franchisees were not part of the bankruptcy filing and will not be shut down, said Larry Briski, president of the Bennigan’s Franchise Operator Association.
“They will be open today, tomorrow and months and years to come,” Briski said of the franchise locations.
What was especially egregious about the company closing 150 stores was the callous way it was handled. On the very day of the store closings:
Meanwhile, employees at what appeared to be a company-owned Bennigan’s in Plano, Texas, were greeted by a sign Tuesday on the front door reading “WE ARE CLOSED. THANK YOU.” Next door, a Steak & Ale [same company] sat empty in a deserted parking lot but there was no sign posted.
And:
Some managers and some employees say they were called in the middle of the night. People got the calls at the stores, others were called at 1:00 in the morning at their homes. No one expected it.
Displaced employees wiped away tears outside the Bennigan’s restaurant in Calumet City. They are among the thousands who lost their jobs when the restaurants closed.
“For them to tell us we don’t have a job or anything, that’s a hurtful thing, especially if you have kids,” said (a) former employee
And the reason for this bankruptcy
In the filing, the company indicated that it has up to 49 creditors and owes less than $50,000. It said it will have no funds left after administrative expenses are paid to repay its creditors
In corporate-ese they are saying that after they pay themselves, they don’t have enough money to pay their creditors. In other words, they weren’t making enough money.
Astrologically, it is easy enough to say that with Jupiter in Capricorn business failures will be on the increase. After all, Barabara Koval says in her book, Time & Money, of Jupiter in Capricorn:




Time and Money, by Barbara Koval








