Top Stories for Jan. 16
Black Angus Steakhouse files Chapter 11
Chief restructuring officer Lisa Poulin reportedly said in an affidavit that the company operates 69 restaurants in seven states, mainly near or on the West Coast. The company employs about 3,600 people.
"The debtors believe that these declines are primarily due to the recessionary economic environment," she said. "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."
The company had reportedly looked for buyers of the chain, but received no interest or offers. The company is still looking for buyers during reorganization.
The company is the latest of a string of casual-dining operations that have filed for bankruptcy, including Bennigan’s and Steak and Ale Restaurants.
Source: Associated Press
NCBA supports second generation biofuels
NCBA President Andy Groseta said in the letter that producers were promoting the research and development of second generation biofuels that do not utilize feed grains, grasses or forage production which may be used for cattle production.
The cattle industry has been pushing for second generation biofuels after demand for ethanol sharply pushed up the price of corn and grains used for cattle feed.
“Cattle producers do not support government interventions via subsidies and mandates,” Groseta said in the letter. “They disrupt the market and are never substitutes for good business practices. We appreciate the opportunity to share our support for renewable fuels that do not utilize feed grains or animal feed resources.”
Source: National Cattlemen’s Beef Association
Industry experts to headline meat conference
The AMC is scheduled to take place at the Sheraton Denver Hotel in
The five sessions are “Generations, Lifestyles, and the Future of the Meat in Retail,” “Economics and the Impact on Your Business,” “The Power of Meat: An In-Depth Look at Meat through the Shopper’s Eyes,” “Uncovering the Real Truth on Shopper Behavior in the New Transformational Economy” and a general closing session.
The event is co-sponsored by the AMI and the Food Marketing Institute (FMI). Associate sponsors for the conference include the American Lamb Board, National Cattlemen’s Beef Association, National Chicken Council & U.S. Poultry and Egg Association, National Pork Board and National Turkey Federation.
For program and registration information, visit www.MeatConference.com.
Source: American Meat Institute