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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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Thu, 10/25/2012 - 15:41 | 2919422 fightthepower
fightthepower's picture

Fuck you Bernanke!

Thu, 10/25/2012 - 15:45 | 2919441 krispkritter
krispkritter's picture

What did you expect?  The FBI busted their meat supplier:


Thu, 10/25/2012 - 15:49 | 2919452 Pladizow
Pladizow's picture

Peter Luger sanctioned this wack!

Thu, 10/25/2012 - 15:54 | 2919467 Stackers
Stackers's picture

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

Thu, 10/25/2012 - 16:12 | 2919529 CompassionateFascist
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.

Thu, 10/25/2012 - 16:17 | 2919545 economics9698
economics9698's picture

Time for price controls on food. /sarc 

Thu, 10/25/2012 - 16:36 | 2919620 hedgeless_horseman
hedgeless_horseman's picture



Mine looks just as good...

...and cost me next to nothing.


Thu, 10/25/2012 - 16:38 | 2919632 Hulk
Hulk's picture

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

Thu, 10/25/2012 - 17:45 | 2919924 economics9698
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.


Fri, 10/26/2012 - 08:51 | 2921066 Dalago
Dalago's picture

The yummy wealth effect.

Fri, 10/26/2012 - 12:23 | 2921863 Shocker
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




Thu, 10/25/2012 - 16:39 | 2919635 A Lunatic
A Lunatic's picture

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

Thu, 10/25/2012 - 16:44 | 2919664 hedgeless_horseman
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.

Thu, 10/25/2012 - 16:49 | 2919694 Hulk
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...

Thu, 10/25/2012 - 17:01 | 2919766 hedgeless_horseman
hedgeless_horseman's picture



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

Thu, 10/25/2012 - 17:02 | 2919788 Hulk
Hulk's picture

It actually looks very good...

Thu, 10/25/2012 - 18:45 | 2920065 The Alarmist
The Alarmist's picture

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

Thu, 10/25/2012 - 22:06 | 2920465 jerry_theking_lawler
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.

Fri, 10/26/2012 - 00:28 | 2920640 TruthInSunshine
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.

Fri, 10/26/2012 - 13:49 | 2922163 monkeyshine
monkeyshine's picture

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

Thu, 10/25/2012 - 17:25 | 2919873 Silver Garbage Man
Silver Garbage Man's picture

Yeah but your tablecloth is ugly.

Thu, 10/25/2012 - 17:47 | 2919942 noses
noses's picture

Definitely looking better than the "professional" results.

Thu, 10/25/2012 - 19:45 | 2920193 Praetorian Guard
Praetorian Guard's picture

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

Fri, 10/26/2012 - 13:47 | 2922154 monkeyshine
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? 

Thu, 10/25/2012 - 16:32 | 2919605 A Lunatic
A Lunatic's picture

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

Thu, 10/25/2012 - 18:47 | 2920068 The Alarmist
The Alarmist's picture

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

Thu, 10/25/2012 - 16:15 | 2919541 economics9698
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.

Thu, 10/25/2012 - 15:51 | 2919459 insanelysane
insanelysane's picture

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

Thu, 10/25/2012 - 16:00 | 2919488 The Wizard of Oz
The Wizard of Oz's picture


Thu, 10/25/2012 - 20:07 | 2920238 Buck Johnson
Buck Johnson's picture

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

Thu, 10/25/2012 - 15:41 | 2919425 Manthong
Manthong's picture

Might be a reflection of the convention busniness.

Thu, 10/25/2012 - 16:00 | 2919486 Dr. Richard Head
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.

Thu, 10/25/2012 - 15:42 | 2919427 insanelysane
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.

Thu, 10/25/2012 - 16:09 | 2919522 SemperFord
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.

Thu, 10/25/2012 - 18:50 | 2920076 The Alarmist
The Alarmist's picture

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

Thu, 10/25/2012 - 19:36 | 2920171 WhiteHose
WhiteHose's picture

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

Fri, 10/26/2012 - 00:11 | 2920649 Iwanttoknow
Iwanttoknow's picture

Good american horesense.May this country survive,somehow.

Fri, 10/26/2012 - 01:24 | 2920734 Raymond K Hessel
Raymond K Hessel's picture

Comparing a food truck to a steakhouse is stupid.

Thu, 10/25/2012 - 15:42 | 2919428 Big Corked Boots
Big Corked Boots's picture

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

Livin' in da car, bitchez.

Thu, 10/25/2012 - 18:52 | 2920083 The Alarmist
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.

Thu, 10/25/2012 - 15:42 | 2919431 becky quick and...
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.

Thu, 10/25/2012 - 15:47 | 2919445 azzhatter
azzhatter's picture

don't worry Becky, Warren can still afford beef

Thu, 10/25/2012 - 15:54 | 2919472 JPM Hater001
JPM Hater001's picture

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

Thu, 10/25/2012 - 16:01 | 2919490 ziggy59
ziggy59's picture

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

Thu, 10/25/2012 - 15:43 | 2919433 slaughterer
slaughterer's picture

Loved that place.  

Thu, 10/25/2012 - 15:50 | 2919456 icanhasbailout
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.

Thu, 10/25/2012 - 15:54 | 2919473 zuuma
zuuma's picture

Well played, UNITE HERE Local 100.

Well played.

Thu, 10/25/2012 - 16:45 | 2919674 Randall Cabot
Randall Cabot's picture

They never should have dropped Porterhouse steaks from the menu

Thu, 10/25/2012 - 18:29 | 2920038 Tijuana Donkey Show
Tijuana Donkey Show's picture

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

Fri, 10/26/2012 - 01:25 | 2920736 Raymond K Hessel
Raymond K Hessel's picture

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

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