But by bringing the focus back to the bar business, Holsinger said, the chain can find its niche again.
In addition, he said he plans to open a new "fast-pub" concept that will marry alcoholic beverages with pub fare in smaller locations. The new concept would likely be found in malls, shopping centers and airports.
Holsinger also said the company plans to reopen 50 or 60 formerly company-owned Bennigan's locations by finding new or existing franchisees to operate the restaurants. Atalaya will also reopen a few of the Steak & Ale locations that closed due to the bankruptcy, he said.
Atalaya said Wednesday that it will buy the assets of both the Bennigan's and Steak and Ale brands. The assets include the Bennigan's Franchising Co., which owns the rights to franchise the Bennigan's brand and has helped keep franchise-owned restaurants up and running during the bankruptcy period.
The deal is expected to close Oct. 31.