Ponderosa Steakhouse owner files for Chapter 11

[Robbien]

Source: ap

The owner of the Ponderosa and Bonanza Steakhouse brands said Wednesday it was filing for Chapter 11 bankruptcy protection.

Metromedia Steakhouses Co. L.P., based in Plano, Texas, said it filed voluntarily under Chapter 11, which allows a company to restructure and stay in operation. The petition was filed in the U.S. Bankruptcy Court for the District of Delaware on Wednesday.

Metromedia Restaurant Group is a part of Metromedia Co., owned by billionaire John Kluge, that has interests in entertainment, radio stations and medical equipment.

The filing is the company's second in nearly three months. At the end of July, a different subsidiary of Metromedia — S&A Restaurant Corp. — filed for Chapter 7 bankruptcy liquidation. S&A owned the Steak & Ale and Bennigan's brands.

. . .

According to the filing Wednesday, Metromedia Steakhouses entered bankruptcy with assets of $1 million to $10 million and debt of $100 million to $500 million.

Read more: http://ap.google.com/article/ALeqM5gnl_iPgHRggFjlHQBV69aUyAp6BgD93VNL7G0

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For every dollar it has, it owes a hundred to five hundred dollars. Instead of selling red meat, the company sounds as if it were being run like a closet hedge fund.

[BlooInBloo]

1. Good. All self-respecting steak eaters would go to the Met, El Gaucho, or Jak's.

[Pab Sungenis]

15. Ponderosa had a great steak sauce, though.

It was manufactured by the same people who made "No Frills Brand" steak sauce for Pathmark before they discontinued that line. I'd love to find it again.

Their steak was shit, though.

[WriteDown]

18. Shame, shame

Real steak eaters use no sauce :).

[Xenotime]

20. How about people just stop the slaughter of innocent animals..

I'm glad to see them go under.

[WriteDown]

22. How do you know they...

were innocent. Tough to confirm. We can confirm they are tasty though.

[phusion]

2. the wha? not too many "steakhouses" around here n/t

[givemebackmycountry]

3. Metromedia Restaurant Group is a part of Metromedia Co., owned by billionaire John Kluge...

I am sure that billionaire John Kluge could give a fat flying fuck.
He has interests in entertainment, radio stations and medical equipment.

So now that he's clogged so many arteries with his low rent steaks (seriously, Ponderosa? Bonanza?) he can use his radio stations to direct people to the medical centers that use his medical equipment.

Sounds like a win-win to me.

[MonteLukast]

4. Those steaks sound pretty unappetizing

Too much diversification makes your product pretty shoddy.

"Kluge Inc. Entertainment, Medical Supplies, and Steaks."

Sounds kinda like Colgate Kitchen Entrees.

[MonteLukast]

5. Juicy Lucy's, baby!

A good local steak chain

[Mojorabbit]

6. The steak and ale

near my house had been there for decades. It was a favorite for a dinner out with the hubby as it was so close. I do miss it.

[Historic NY]

7. Poundagrossa

[pattmarty]

8. Ponderosa has been lousy for as long as I can remember.......

......cheap, but awful. Bonanza is ok, but it's been probably 10 yrs since I have been to one.

[Joe Bacon]

9. Bonanza was the better of the 2 chains

Here in California, all we have are Sizzlers, and they aren't as good as Bonanza was.

[Bombero1956]

10. those 2 chains

disappeared from our area at least 15 years ago.

[noonwitch]

11. When I was a kid, Ponderosa was good.

In the early 70s, before they started with the buffet nonsense. It was usually my restaurant of choice for my birthday, until I got a little older.

[customerserviceguy]

12. Tough times are coming in the restaurant business

and they provide a lot of entry-level jobs for younger people, or those getting back into the workforce after raising kids up to school age. They're low profit margin businesses in the best of times, during recessionary circumstances meals out are one of the easiest things for people to cut out of the budget.

My first real jobs after my paper route were restaurant jobs, I feel sorry for a lot of young folks out there looking to break into the workforce.

[high density]

13. Bonanza in Maine was disgusting

They still have one restaurant left here in Sanford, but I think all the others have closed down over the past ten years or so. They were universally gross dumps.

[Canuckistanian]

14. Ponderosa? I haven't heard that name in years

I thought they went under a long time ago.

They used to be everywhere here in Canada, then disappeared in the 70's.

[bigworld]

21. I'm surprised they're still around

They were everywhere in the 70s and 80s.

[Crowman1979]

16. My dining dollars only go toward indie, local or regional chain restaurants

Screw the national/global bullcrap chains IMO!

[WriteDown]

19. Hmm....

Got to have my Chili's and Outback every once in a while. Damn those bottomless chips and cheese fries.

[WriteDown]

17. Oh my Gosh!!!!!!!!!!!

Ponderosa is still in business?!?!? I thought they closed up shop 20 years ago.