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

Tyler Durden's picture

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.

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fightthepower's picture

Fuck you Bernanke!

Pladizow's picture

Peter Luger sanctioned this wack!

Stackers's picture

Did Bloomberg outlaw steaks over 8oz's too ???

CompassionateFascist's picture

No worries. As real restaurants close down, fast food joints are booming. And the Gubmint codes burger-flipping as "manufacturing". So "manufacturing" jobs are returning to America. It's all bullish.

economics9698's picture

Time for price controls on food. /sarc 

hedgeless_horseman's picture



Mine looks just as good...

...and cost me next to nothing.


Hulk's picture

Animal on the left, stomach contents on the right! Now thats efficient HH !!!

economics9698's picture

A quick easy way to bypass the CPI and get a much more realistic evaluation of the inflation rate is very simple and easy to do.  Find the nominal GDP of selected year.


1982 nominal GDP = $3.2532 trillion

Find a official CPI internet calculator, I use this one.


Convert the 1982 GDP to today’s dollars.

2011 January GDP conversion is $7.60 trillion.

2011 actual GDP is $15.0757

Difference 1.98 times.

Its crude but effective way of cutting through the crap since I am too cheap to pay John willians to do it for me.


Shocker's picture

Unfortunately, no Business is safe now days.

The current economic situation, and regulations is making it very difficult to really do anything

Check the list




A Lunatic's picture

Yummy. Steak and vomit. My favorite. I'm guessing that's where the 46.95 comes into play...........

hedgeless_horseman's picture



It is damn hard to make sautéed eggplant look good, but add in some mushrooms, onions, carrots, butter, and vermouth and it sure does taste good.

Hulk's picture

I figured that stuff on the right took a while to prepare and I feel bad for making light of it.

I have given myself a 5 minute time out as punishment...

hedgeless_horseman's picture



...half the 10 minutes it took to cut up the veggies, get the grill and pan hot, and cook it.

Hulk's picture

It actually looks very good...

The Alarmist's picture

That steak looks kind of scrawny ... you should try some of that GMO stuff.

jerry_theking_lawler's picture

HH, what time is dinner?? you always have interesting home cooked meals. plus, i am craving (and haven't had since i was about 8 yrs old) some good old raw milk...straight from the udder.

TruthInSunshine's picture

If you bitchez haven't had dry aged beef from a grass fed, white face Hereford, you haven't tasted a real steak. Do it at least once; preferably the strip or porterhouse.

And yes, it's miles better than Wagyu, Kobe, Black Angus, etc., which are all heavily marketed and overrated.

monkeyshine's picture

I knew a guy who raised Texas longhorn on Kentucky bluegrass.  Always enjoyed being invited to his house (ranch) for dinner. 

noses's picture

Definitely looking better than the "professional" results.

Praetorian Guard's picture

Whats up with the glass of white pus, ie White Death?

monkeyshine's picture

And I bet you didn't need a union to prepare and serve it either.  Not against unions per se, we all have freedom of association, but does a small family steak house really need unionized workers? 

A Lunatic's picture

Let them eat Big Macs..............

The Alarmist's picture

Get the Big Mac McDeal, with a Big Mac, Fries, and Drink for €4.79.

economics9698's picture

I bet the owners voted for Obama and are card carrying fascist supporters of redistribution.  Anyone with a Republican or Democrat voter registration card in their wallet is a fascist sympathizer.

insanelysane's picture

Might want to change the name of the union to Unite There 100.

Buck Johnson's picture

People can't afford it anymore, both the customer and the restaurant.  A sign of things to come.

Manthong's picture

Might be a reflection of the convention busniness.

Dr. Richard Head's picture

No shit.  If it weren't for the conventions, half the bars, hotels, and eateries would be KO'd in most major shitties.

insanelysane's picture

Bullish as we have been told for 4 yrs that meat eating rich people are bad for the economy.  Long ramen noodles.

SemperFord's picture

I go to a Taco truck not to far from me, steak burrito $3.5 an horchata for $1 and I am full, noodles just dont do that for me. Before anybody mentions roach coach, these peopele have 20 taco trucks and the food is always good and they run out of meat since they don't like to freeze it.

I can appreciate a good steak, filet mignon is execllent at "The Stinking Rose" but fuck throwing money away like that.

The Alarmist's picture

Ever stop to wonder why you don't see many dogs roaming the neighbourhoods around where these trucks are parked???

WhiteHose's picture

im a dog lover, but i still had to lmfao!

Iwanttoknow's picture

Good american horesense.May this country survive,somehow.

Raymond K Hessel's picture

Comparing a food truck to a steakhouse is stupid.

Big Corked Boots's picture

On my current budget I get to choose between Pink Slime and Soylent Green.

Livin' in da car, bitchez.

The Alarmist's picture

Pink slime any day of the week ... soylent green is people, and that just ain't right!

Better living through chemistry ... Brought to you by Monsanto.

becky quick and her beautiful mouth's picture

why is everything an even priced number except for meat and seafood? that's retarded. if they rounded it all up a nickel, they could have stayed open.

azzhatter's picture

don't worry Becky, Warren can still afford beef

JPM Hater001's picture

Um, I dont think a nickle fixes much of anything in NY.

ziggy59's picture

Well, Nickels are worth more than 5 cents which is a hell of a lot more than paper dollars

slaughterer's picture

Loved that place.  

icanhasbailout's picture

Gallaghers is, or I guess was, one of the best steakhouses ever. Top quality everything, very classy, and given what you got for it the prices were pretty reasonable.


I guess people who are supposedly doing well aren't really doing all that well.

zuuma's picture

Well played, UNITE HERE Local 100.

Well played.

Randall Cabot's picture

They never should have dropped Porterhouse steaks from the menu

Tijuana Donkey Show's picture

Right. Who has a steakhouse where a sirloin is the top cut? I want meat on the bone!

Raymond K Hessel's picture

Dude, you're not wrong there.  The Palm dropped the porterhouse....THE PALM!!!