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WSJ: Restaurants Facing “Rough Times” — Not In Seattle

May 17th, 2008 · 1 Comment · Overdevelopment

The Wall Street Journal reports on how the restaurant industry is in a pronounced slump.

Almost all segments are struggling. Some midpriced chains, including Ruby Tuesday Inc., are battling persistent same-store sales declines. Metromedia Restaurant Group, which owns Bennigan’s and Steak and Ale, recently hired a restructuring lawyer after it violated several agreements in its lending deal with GE Capital, according to people familiar with the company. Representatives for Metromedia and GE Capital declined to comment. Higher-end operators such asRuth’s ChrisMorton’s and McCormick & Schmick’s all posted declining same-store sales in the fourth quarter of the year. Overall, big fast-food chains have fared much better, in part because they’ve lured customers from sit-down restaurants.

If only it were true. Let me know when a parking slot opens up in Belltown — then I’ll believe it.




1 response so far ↓

  • 1 Jason Preston // May 19, 2008 at 2:03 pm

    It’s true! And for whatever reason, it’s been EXTRA impossible to park in Belltown over the past week. I can’t even get a good spot on Wednesday at 7pm.

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