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Since the beginning of the recession restaurant chains have started to become “zombie restaurants,” as reported by The New York Times in a December 27th, 2011 news article.
Consumers looking to cut back on their budget have resorted to not eating out which in turn has caused many restaurant chains to explore the option of Chapter 11 bankruptcy. Major chains that used to dominate across the country are now lining up at bankruptcy court.
Many of these chains were forced to close the doors on many of their “under performing” locations. Analysts explained that the only reason these chains have even been able to keep a large portion of their chains still open is because with the fall of demand came the fall of food supply prices, which allowed the restaurant chains to discount their meals.
Since 2008 the restaurant chain business has been attempting to adapt to the market changes. With the economy slowly coming out of the recession the chains are looking to the future in the hopes that they will be able to reopen in their old locations and expand.
We at the Law Office of Jayson Lutzky, P.C. are interested in informing our clients about current economic conditions to help them better handle personal debt. If you are struggling with debt, and you are in need of legal advice, please feel free to call us at 1-800-660-5299 or visit us at www.bankruptcynyc.com for a free initial consultation.