Shortly before the end of 2006, a Houlihan’s restaurant in the Convention Center District of Austin, Texas, filed for Chapter 11 bankruptcy protection and shuttered its doors after just six months in operation.The reasons, according to bankruptcy filings, included sales of $30,000 per month, which were not enough to cover expenses of $35,000 per month, and debt totaling as much as $10 million. Other explanations for the unit’s failure, gleaned from local reports, included the oversaturation ...

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