San Diego-based Paragon Steakhouse Partners Inc., which has restaurants in 11 states, filed in U.S. Bankruptcy Court in Riverside. The chain plans to close unprofitable restaurants and restructure, although it did not name which stores it will close.
Paragon operates 64 restaurants under such names as Hungry Hunter, Hunter's Steakhouse, Mountain Jack's and Carvers in the western, Midwestern and southern United States.The chain was founded in 1967 as the Jolly Ox Restaurant in San Diego.
According to data released Tuesday, bankruptcy filings by American consumers and businesses jumped 19% in 2001 as the nation slid into recession. Filings hit a record high of 1,492,129, compared with 1,253,444 new bankruptcies filed in 2000.
The previous record was 1,442,549 cases in 1998, according to data compiled by the Administrative Office of the U.S. Courts.
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