NEW YORK Jan 15 The parent of the Black Angus
Steakhouse restaurant chain filed for Chapter 11 bankruptcy on
Thursday, the latest in a fast-growing list of business
bankruptcies caused by the troubled economy and lower consumer
Pecus ARG Holding Inc, based in Los Altos, California,
filed for protection from creditors with the U.S. bankruptcy
court in Wilmington, Delaware. Black Angus has 69 restaurants
in seven western U.S. states and employs more than 3,600
people, a court filing shows.
Lisa Poulin, Pecus' chief restructuring officer, in a
filing said "the recessionary economic environment" caused
lower sales, which fell about 26 percent from 2006 to 2008.
"Making matters worse, the debtors' restaurants primarily
are located in some of the areas hardest hit by the mortgage
crisis, causing consumers in those markets to cut back on
discretionary spending, such as dining out," she added.
The case is In re Pecus ARG Holding Inc, 09-10170, U.S.
Bankruptcy Court, District of Delaware (Wilmington).
(Reporting by Jonathan Stempel; editing by John Wallace)