Upscale chains are taking heavy hits

Upscale chains are taking heavy hits

NEW YORK High-end restaurant results are hitting new lows as slowed consumer spending and continuing budget cuts by corporate clients eat away at earnings.

McCormick & Schmick’s Seafood Restaurants Inc. and Morton’s Restaurant Group Inc. both said this week that lower traffic and resulting double-digit dips in same-store sales drove year-over-year declines in second quarter revenue and profit.

Though McCormick & Schmick’s of Portland, Ore., is known

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