29 July 2008

Two of my favorites are in trouble

Bennigan's and Whole Foods are both in trouble, of different sorts:
"Restaurant chains Bennigan's and Steak & Ale have both filed for Chapter 7 bankruptcy protection and restaurants owned by its parent company will shut their doors."
"In February, 2007, Whole Foods announced its plan to buy smaller rival, Wild Oats, for $565 million. Five months later, the FTC sued to block the deal, saying it would stifle competition in the market for natural and organic groceries. In August, District Judge Paul Friedman denied the FTC’s request to block the deal, concluding that that it had failed to prove that the merger would hurt competition. Today the U.S. Court of Appeals for the District of Columbia reversed Friedman, ruling that Judge Friedman 'underestimated the FTC’s likelihood of success on the merits' when he denied the agency’s request."

Rico says he eats occasionally at Bennigan's but shops regularly at Whole Foods; he hopes they both come out of this okay...

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