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Riese Organization Unit Comes Out of Chapter 11

NEW YORK CITY-The restaurant operator, one of the largest private employers in the city, is looking for cash following the reorganization. This may involve selling a few of its 113 properties.

By John Howe | Updated on August 01, 2000

A division of the Riese Organization has emerged from Chapter 11. The US Bankruptcy Court for the Southern District has confirmed the plan of reorganization for National Restaurants Management Inc., a division of the Riese Organization. Dennis Riese, chairman and chief executive officer of the parent company, says this puts the company on its soundest financial footing in its 60-year history. The other restaurant divisions of Riese, including Tad’s Steaks and Friday Ventures were not involved in the bankruptcy.

One of the largest private employers in the city and the operator of 113 restaurants, the company now plans to expand its holdings. It has signed a long-term lease, with an option to buy, for a building at 416 Eighth Ave. near Penn Station, Madison Square Garden and the US Post Office. Plans are to develop a restaurant there once a concept for it has been created. “It will have to service a diverse clientele, people coming out of the Station who might want a sandwich and a cup of coffee, and people going to the Garden who are looking for a steak and a beer,” Reise says.

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