DH's co. Filed Chapter 11

[KKCondrey]

Joe works for Ryan's (family steakhouse) and in Nov of '06 they were bought by Buffets Inc. Well last Tuesday Buffets Inc filed chapter 11.

Right now they are saying "Business as usual" but one never knows in situations like this.

A part of me is trying to stay hopeful that he won't be effected, but one never knows.

[guest002]

Wow, I didn't realize they were in that much financial trouble. Is Ch. 11 where they try to restructure their debt?

Are y'all gonna see what's out there on the employment front just in case?

[kaykwilts]

Hope things work out for ya'll. I certainly hope Ryans does not go out of business. We love eating at that restaurant.

[KKCondrey]

Wow, I didn't realize they were in that much financial trouble. Is Ch. 11 where they try to restructure their debt?

Are y'all gonna see what's out there on the employment front just in case?

Yes, chapter 11 is the one where they give you up to 2 years to restructure your debt.

Joe has a resume on Monster.com he's had since college and keeps it updated. They've fired people in the past for posting resumes on places like that or if they's found out they've been talking to another co. but in a situation like this I don't think they will. Plus in Joe's case it was there before he went to work for Ryan's all he did was update it 5 years ago when he started with them and 3 years ago when he was promoted to GM.

Joe's district manager called the other day asked if anyone knew why 2 other mangers at another Ryan's he is DM of had resumes online (duh, why do you think....lol).

They said as far as the managers are concerned that if they close your store they will give you a months severence pay. The thing is there aren't many job oportunities that would pay what his making and still give him a little home life around here, and we bought our house less than 2 years ago and love it and don't want to move, but I guess we will cross that bridge when we get there.

[fuzzybunny]

I will be praying for you all. Hopefully his company will be able to pull through. It seems like more and more people are having to deal with this.

Christine

[MVS0122]

We had a Ryan's that closed around here, and I'd heard then that they were having some financial troubles. Hopefully they can get it worked out and you guys won't be directly affected by it!

[Laurie in Bradenton]

Ryans is not the only resturant having problems.
Johnny Carinos's has closed, Don Pablos has closed and here in Bradenton one of Mel's Diners has closed. But this is not unusal in the resturant business. We work on alot of chain resturants across the country and many are cutting back on remodeling, updating and repairs because of the current ecomony.
My advise would be to look now while yu can. Pay off as you can and put some way to get you by. We've been down since October and don't expect things to pick up til after the first quarter of the year.

Laurie in Bradenton

[Darlene]

Sorry Kat, wishing for the best.

[mrsvargas]

I know how you feel. We lived thru Delta's chapter 11, and now a possible merger. We never know what to expect anymore.

[AmyMCGS]

Yuck, Kat, I hope things improve or your DH finds something nearby.

The Ryan's near us completely changed about two years ago (new building, new menu, new floorplan), and ever since then, it's never busy. We ate there twice and were very disappointed in the changes. I thought it was just our local one that was doing badly, though, didn't realize it was the whole chain.

[Ceashels]

What a stressful time it must be for you and him. Keep your spirits up... and have a plan.

[karone]

hope they dont close on u guys. i heard on our local news that delphi within the next yr or so are going to go down to 6,000 workers.

[Michelle68]

Keeping my fingers crossed for you that everything goes okay with his job.


--Michelle

[frugalfarmwife]

Keep your chin up and keep looking ahead, I'm sure all will work out for the best.

It's a tough time out there for MANY companies.

We'll keep sending you positive vibes from here on the farm.

kj