Colleague Mark Albright has just reported that national restaurant chains Bennigan's and Steak & Ale have closed their doors and filed for Chapter 7 bankruptcy protection, closing more than 300 locations and laying off thousands of employees. It is one of the largest restaurant bankruptcy filings in U.S. history.

Here in the Tampa Bay area, this is a heavy hit, with 10 locations in the area, nine of which have closed. Only the Channelside location (615 Channelside Drive, Tampa), a franchise, remains open at this time. Closures include four Bennigan's locations in Tampa (18001 Highwoods Preserve Parkway, 2206 E Fowler Ave., 2520 N Dale Mabry Highway and 9206 Anderson Road), one in Brandon (2210 W Brandon Blvd.), one in Clearwater (2640 Gulf to Bay Blvd.), two in St. Petersburg (9900 Fourth St. N, 2190 Tyrone Blvd. N) and one in St. Pete Beach (4625 Gulf Blvd.). As per Steak & Ale locations, it looks as though there was a single location in the area (204 N Westshore Blvd., Tampa). No one is answering the phone today.

In a dense playing field at this "fast casual" price point (T.G.I. Friday's, Ruby Tuesdays, Applebee's Neighborhood Grill & Bar, Chili's Grill & Bar, etc.), Bennigan's demise is probably just another example of what analysts have been saying for a while: The economy is driving lower income guests to fast-food restaurants, to competitors with lower prices or to eat at home more often. Competitors have responded to this trend by launching new added-value campaigns or lower-priced prix-fixe options.

Just this past week T.G.I. Fridays debuted a new "Give Me More Stripes' Members-Only Free Food Initiative," rewarding frequent diners. Romano’s Macaroni Grill restaurants have begun offering guests additional value at lunch and dinner, with full-sized entree and a personal-sized dessert every day for $9.99. Outback Steakhouse has just instituted new affordable menu options between the hours of 4 and 6 p.m. The list goes on.

The jury's out on what led to this recent bankruptcy, but there's no doubt that the big "fast casual" players are going to have be fleet of foot to respond to diners' current financial concerns.

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