This cant be good news for the Arby's Restaurant in Ulster, NY. The operator of this one and the Buffalo Wild Wings restaurant, also in Ulster, has filed for Chapter 11 bankruptcy protection.Headlee Management Corp. operates KFC restaurants in Orange County, two in Danbury, Conn. and some as far south as Alabama & Mississippi. The Record reported that the company's financial woes on the May 2008 death of former owner and longtime KFC franchisee Jan Headlee. I'm sure the economic downturn had just as much to do with the solvency of the company as the wayward management that followed her death.
Will we see the franchise in Ulster close? I doubt it, these financial matters and the special deals they work out with their lenders usually end with a mere change in pay structure. But it is interesting to think it's not just us small business owners feeling the pinch in these hard times. Even a national chain like Arby's and KFC can succumb to what would ordinarily be considered a middle class fiscal shift.That's what they call it on Wall Street. Frankly, I don't think the financial guru's on Wall Street ever consider what affect their actions actually have on the working people in this country. Perhaps that's just my opinion.
2 comments:
This is not the first ARBY"S to file Chapter 11. The IHC Corp went through this in 2002, while operating 250 stores and only lost one restaurant.
I'm sure this one in Ulster will continue serving substandard food for years to come...don't worry.
Mike:
11:31 has it totally correct. Although times are difficult, people continue to eat out, but they are more choosey as to where to spend their hard earned cash. This area has seen long term local restaurants change names and signage to appear to be new restaurants and gain much needed publicity.
I am not sure if I would agree with the food being substandard, but the proverbial "if the plate fits, then wear it". The companies that survive this "recession" will be stronger, becuase they took the necessary correct steps. Not only are the food stores in jeopardy, but our entire economy. Belt tightening, along with accountability and responsibilty are the buzz words of success.
In view of the stock market signaling an end to the downside, prosperity might not be around the corner, but it is time to look to the flickering light towards the end of the tunnel. Now we need a change of direction for unemployment, new jobs in the area and dedication to private sector employment. It is easy to talk about gloom and doom, but it is now necessary for us to move forward, and turn the page to a more positive direction.
take care
Szzzzzzzzzz
now second day of winter and only 90 days til SPRING!
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