Ramsay Facing Bankruptcy

Looks like somebody has a kitchen nightmare of their own to contend with. Wenn.com reports that Gordon Ramsay is facing bankruptcy thanks to the international economic slump and his restaurant chain’s profit margin turning various shades of red.

Ramsay, who catapulted himself into a household name with network shows including Hell’s Kitchen, Ramsay’s Kitchen Nightmares and The F Word, also owns a string of over 20 international restaurants.

The Brit admits he has been advised to file for bankruptcy thanks to the latter, which have been hit hard now that “eating in is the new eating out,” as he put it to TV critics last week. In short, most people just don’t have the money to eat at his upscale eateries.

To stave off filing for bankruptcy, Ramsay has sold his luxury sports car and is reportedly considering selling his home in London. For now, he has reinvested $8 million of his money into his company in hopes of an eventual upturn.

He also laid off 15 per cent of his staff and cut costs elsewhere. He told Fox News that these events have helped him learn to be a better business man.

“I'm not a businessman, but I certainly don't walk around with my head tucked up my backside. For me, it was a learning curve,” he said.

"We had a huge downturn, Monday to Thursday. Your staff costs are the same, your running costs are the same. It was a nightmare. All of a sudden, this whole thing was nothing to do with cooking. I had my own personal nightmare.”


Posted By: Impulse
MSN.ca