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Old 07-31-2008, 10:52 AM   #1
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Restaurant closings

Did anyone read the article yesterday in the Wall Street Journal about Metromedia Restaurant Group filing for bankruptcy and immediately, overnight, closing around 200 restaurants, laying off about 9,200 people? The restaurants were Bennigan's and Steak and Ales. More closings are expected.

And Geebs talking about an $800 fuel oil bill.

It seems to me we are in uncharted territory with rising costs and an uncertain job market.

I understand 200 restaurants is a small number. Am I crazy for thinking this is unsettleing?

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Old 07-31-2008, 10:56 AM   #2
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I find a lot of the news unsettling that I see lately. Read the one below. This should never happen.

More Women Donating Eggs - Las Vegas News Story - KVVU Las Vegas

I have read about poeple cancelling doctor appointments, because, they can't buy gas to get there.

It is all very unsettleing.

AC
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Old 07-31-2008, 10:58 AM   #3
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I have to believe all the closings are a correction of bad decisions when the economy was good...
Such as Starbucks. Sometime stores across the street from one another? I mean come on, really, did they think that was going to last forever?
I think people got punch drunk spending beyond thier means with credit cards (like the retard that I am) and home equity, and companies feed on it......
Then oil and corn came in to play and didn't really help much.....
Aside from oil and food I believe its a correction.
There are other factors with the oil and food that are just a little too political for me to get into my views.
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Old 07-31-2008, 10:59 AM   #4
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Yeah I heard about the Bennigan's closings. That is really scary.
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Old 07-31-2008, 11:01 AM   #5
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It was big news here where I live. We had 3 restaurants in our immediate area. It was reported that the managers got phone calls early in the morning telling them not to open. Some employees didn't get the news until they showed up for work to find everthing locked up. Yes things are unsettling right now but we are still way better off than a lot of places. Think Sudan, Iraq, Ethiopia, Haiti for example. I just read in the paper today that in Zimbabwe, they just issued a 100 billion dollar bill which will not even buy a loaf of bread. We may be in for some changes but I think we can handle them.
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Old 07-31-2008, 11:06 AM   #6
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Quote:
Originally Posted by GB View Post
Yeah I heard about the Bennigan's closings. That is really scary.
... and probably just the beginning. not good times, folks...
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Old 07-31-2008, 11:08 AM   #7
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I think that we had better get used to this trend and adjust accordingly. The first things to go in a weak economy are recreational and travel related. Restarants and hotels have the same problem as you and I, increasing costs and a stable or declining renenue stream. Many of the costs of a restaurant are fixed, rent, utilities, etc. Another thread asks how to save money in the kitchen I am using mine more and Flemings and Ruth's Cris's less.
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Old 07-31-2008, 11:12 AM   #8
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The part that does scare me is that there are som people (myself included) that have already cut out everything.... I mean everything. Not even pay-per-view..... no dinners out, no movies, no even extra driving to the lake.... I'm afriad of what will go next.
Yes internet and sattellite could go.... probably cell phones but I dont like driving around with kids without one.....
I will have to pick up more work and that will help quite a bit, so I really am not whining, just hoping I can get some ... but what about people who cant get more work for whatever reason...
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Old 07-31-2008, 11:31 AM   #9
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I think we have to do more thinking outside the box. Our lives are changing and we will have to operate differently. I feel we live close to the ground, but we can still do more. We still have three vehicles for two people.

Today I am messing with canning onion relish. Huh? I never heard of onion relish. But I have a bumper crop of onions and want to preserve some. I will be doing more canning this year. We may not be buying a 1/2 hog this year, mostly because our supplier is not raising any this year, but we can eat more vegetables this year and less meat. I know we are going to be butchering more goats this fall than we ever have before. Changes are a coming, and we each will figure out for ouselves how we cope.
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Old 07-31-2008, 11:37 AM   #10
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I don't have an answer either, especially in the short term. As we speak, we are using 3 million barrels of oil per day more than are available. Any solutions other than not eating are long term. I am a RE appraiser, and so my job is faily secure. I get you when you buy, when you refinance, and when you get foreclosed. However, I get less per appraisal now than in 1990.
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