Ponderosa, Bonanza parent files for bankruptcy

PLANO Texas Metromedia Steakhouses Co. LP, parent of the Ponderosa and Bonanza Steakhouse brands, said it has filed for Chapter 11 bankruptcy protection.

The company said in a statement that it would continue operating and planned to reorganize around franchised stores and "a profitable core" of company restaurants. Metromedia Steakhouses' franchising subsidiaries — Ponderosa Franchising Co., Ponderosa International Development Inc. and Bonanza Restaurant Co.

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