January 16, 2009

We can't keep up with all the bankruptcies

The owner of the Black Angus Steakhouse chain filed for Chapter 11 bankruptcy protection Thursday. Another tenant in the "prized" Lakewood Restaurant Row. It looks like its going to be carnage at the Mall in the next 6 months. Lakewood may end up looking like Bellflower before this is over. The owner, Los Altos-based Pecus ARG Holding Inc. owes between $100 million and $500 million and has assets between $100 million and $500 million, according to the filing. There are 69 restaurants in seven states, mainly on the West Coast. Black Angus Steakhouse chain employs about 3,600 people.Today, Each of the locations has approximately 75 employees and serves an average of 3,000 customers per week. ARG previously filed for Chapter 11 bankruptcy protection in 2004. Revenue has dropped from about $244 million in 2006 to $181 million in 2008.

No word yet on which Black Angus Steakhouse restaurant locations may close, if any. Normally this is determined on which locations are "poor or underperforming" So stay tuned.

Lakewood Accountability Action Group™ LAAG | www.LAAG.us | Lakewood, CA
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