Iconic NY Steakhouse "Gallagher's", Which Survived The Great Depression, Is Closing

Zero Hedge ^ | 10/25/2012 | Tyler Durden

[Qbert]

The Department of Labor's WARN (Worker Adjustment and Retraining Notification) website may have been exempt from layoff notices related to the fiscal cliff, but it still provides a sufficiently (bleak) complete picture about the real nature of layoffs and business cycle in general in America's busiest city. Which is why it was precisely using the WARN website that we learned that one of New York's most historic steakhouses, "NY's Prime Steakhouse since 1927" Gallagher's, located on 52nd street, and which survive the great depression, is shutting down on January 16. Surely neither the surging price of meat, nor the ability of patrons to spend charge $46.95 for an 18 ounce sirloin, has had any impact on the decision to close this iconic restuarant which survived the Great Depression, but failed to survive Tim Geithner's "recovery".

From WARN:

Date of Notice: 10/23/2012                                                                               Control Number: 2012-0085   Rapid Response Specialist :  Edwidge Michel   Reason Stated for Filing:   Plant Closing   Company: Gallagher's New York Steakhouse, Inc. 228 West 52nd Street New York, NY  10019   County:  New York | WIB Name: NEW YORK CITY| Region: New York City   Contact: Angie Michalopoulos                                                        Phone:  (212) 245-5336   Business Type:     Restaurant   Number Affected:   92   Total Employees:    92   Layoff Date:  -----                Closing Date:  1/16/2013    Reason for Dislocation:     Economic   ERNUM:   -----   Union:  UNITE HERE Local 100      Classification:   Plant Closing

Welcome to the "recovery" in which there is no inflation, unless you dare to eat, and where cash flow grow on Magic Money Trees (MMT), reaching everywhere but where it is supposed to. Oh, and where the government creates wealth. Lots and lots of wealth. And where cash cows are served medium rare.

[HOYA97]

My Dad used to take me hear in the early 80’s. I loved this place. Sad to see it go.

[longfellow]

You put sean the commie penn on the menu and people lose their appetite. That’s why you’re closing.

[ex-snook]

Made a few trips when I worked on the East Side. Always good - representative of an era and location whose time has past.

[carlo3b]

This is sad, but not at all surprising.. This operation is/was tired, overpriced, underwhelming, and a bit haughty..

Kind of like, ME! GASP! But I digress..

That aside, this isn’t a good sign, operations like many of the these nostalgic attractions, are dying off with it’s older consumer base.. If you haven’t got someone to tell you about the wonderful old stories, they no longer have a reliable base..

There are plenty of legitimate landmarks that maintain a renewable energy, with constant fine-tuning of their product, and keen competitiveness..

HOWEVER, there are market forces that no one can overcome, when no matter what you know about business,.. It’s all about THE ECONOMY STUPID!!

[surrey]

The prices are really no different than any other NY steakhouse or restaurant for that matter. We often go to Del Frisco’s and they are just as pricey but maybe a little more hip.
My husband took me to Gallagher’s, in the 60’s, when we first started dating.

[carlo3b]

OMG, that dirty old man, you had to be an infant!.. :)

[bandleader]

My father(Nelson Riddle)first took me there when I was a boy.I always marveled at the”Dry-Aging”meat.I will eat there for the last time on Nov.26.What a SHAME!!!!!!!!!!!!!

[JimRed]

Demograpics; a large RAT population in the immediate environs. RATs don’t tip well (unless it’s on the expense account) so it’s hard to keep competent help.