Another one bites the dust.

On Sunday afternoon, the company filed for Chapter 11 — but under a so-called prepackaged bankruptcy plan that will enable it to emerge from court protection by the end of the year, under the control of its debtholders.

CIT’s filing will test whether a financial company can survive the Chapter 11 process. Bankruptcy has long been considered a death knell for lenders, whose very existence depends on the confidence of its creditors and customers. The company’s struggles have been watched with interest and trepidation by analysts and the thousands of small and midsize businesses that borrow from CIT.

Breaking news: Apparently Sirius/XM are working with advertisers to prepare for a possible bankruptcy filing. This is not cool – especially since I just re-upped my subscription so I could keep getting free streaming radio to use in conjunction with usirius starplayr

http://www.nytimes.com/2009/02/11/technology/companies/11radio.html?_r=1&hp

Sirius XM Satellite Radio has been working with advisers to prepare for a possible bankruptcy filing in a move that could put pressure on the satellite company EchoStar, which owns a substantial amount of the company’s debt.
Sirius has been working with the restructuring expert Joseph A. Bondi of Alvarez & Marsal and the bankruptcy lawyer Mark Thompson of Simpson, Thatcher & Bartlett to help prepare a Chapter 11 filing, people close to the company said. The documents and analysis are close to being completed and a filing could come within days, according to a person familiar with the matter.

ACK!  this is not cool, I hope I they continue service.

KB Toy Stores will be closing – so run quick and get some more lead contaminated toys made in China in the going-out-of-business sales.

KB Toys has returned to Chapter 11 bankruptcy, says the Wall Street Journal, and will be liquidated by its parent company — Prentice Capital Management.

“Going out of business” sales will begin quickly at the chain’s 277 retail outlets, 40 larger KB Toy Works stores, 114 outlet stores and 30 temporary “holiday stores.”

Personally I’ve been watching the decline of KB for some time.  Their stores have gotten worse and worse.  Not only that have you guys noticed that toys just aren’t the same as they used to be?  Honestly I remeber going into toy stores as a kid with amazement at all the cool stuff.  Today… bah.  Its all rehashed stuff less quality, less imagination.

Bennigans takes it in the poop shoot

From the WallStreet Journal today:

National restaurant chains Bennigan’s and Steak & Ale have closed their doors and filed for Chapter 7 bankruptcy protection, shuttering more than 300 locations and letting go of thousands of employees.

It is one of the country’s largest restaurant bankruptcies and eliminates two sit-down chains that have been part of the casual-dining landscape for decades. The chains will liquidate and aren’t likely to re-open.

Late Monday, managers at Bennigan’s and Steak & Ale were told not to open restaurants the next day, according to two people familiar with the matter. Employees were told there wouldn’t be enough money to pay them for the rest of the week, these people said.

As far as how this will impact Austin, KXAN reports that an Austin area Franchise Manager stated they planed to stay open.

An Austin franchise manager said his store planned on staying open, as well as all of the other Bennigan’s franchise stores.

NBC 5 called the company’s headquarters, which yielded a “no comment” early Tuesday.

I’ve called one of the local ones on 183 and received no answer so that to me smells of closing.  Another sign of down-turning economy.  Interestingly enough TGI-Fridays and Bennigans all recently went over store make overs to stay afloat but Bennigans seemed to continue to downward spiral, which sucks because the food there (used to be) is pretty good.  As of recently stuff has gotten much more greasy.  But that said, I used to love the location in the Houston Galleria.

Another interesting tid-bit is if you ever watched the movie Office Space, “Chotchkie’s” is based loosely on Bennigan’s and TGIF restaurants. (More TGIF though because of the flair..)

Urbangrounds has also posted about this.  He actually worked for them.  I have a couple buddies that have worked for Bennigans/S&A as well.

Here are the Austin Locations from the KXAN site:

Bennigan’s Grill & Taverns in Austin

7604 N. Interstate Highway 35 (512) 451-7953

12415 N. Interstate Highway 35 (512) 821-1319

13995 US 183 North (512) 257-7713 (reported closed)

301 Barton Springs Rd. (512) 472-7902 (reported closed)

Houston Closings: