Metromedia Steak Houses, owner of the Ponderosa and Bonanza restaurant chains, announced a chapter 11 bankruptcy filing Wednesday. The company reportedly has assets totaling less than $10 million. It is planning a reorganization to "a profitable core" of restaurants, suggesting store closings in the near future.
Metromedia was also the parent company of Bennigan's and Steak & Ale, which closed for good under Chapter 7 bankruptcy this summer.
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