Kluge sells Bennigan's, Steak & Ale

Three months after he shut down two of his biggest chain restaurants, John Kluge will sell the Bennigan's and Steak & Ale brands to private equity firm Atalaya Capital Management. Atalaya managing director Joel Holsinger tells the Associated Press that they intend to revive the Bennigan's brand by return its emphasis to being a pub, focusing its efforts on serving beer and burgers, and away from "chasing Applebee's and Chili's" with more expensive entree items. In July, Kluge's Metromedia Restaurant Company declared Chapter 7 bankruptcy.

2 comments

John Kluge impresses me. No matter how much money he has, will have, or dies with - he's always been just as down to earth and friendly as he can be. I have met him several times in a local steak house. The first time I didn't even realize who I was talking to. If I had, I would have asked him to donate $100,000 to my favorite charity - namely me! :)

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