British celebrity chef Gordon Ramsay is the latest victim of the international economic downturn - he has been facing bankruptcy after profits plunged at his international restaurant chain.
The cookery expert presents a string of TV shows - including Hell's Kitchen and Ramsey's Kitchen Nightmares - in both the U.S. and U.K. and owns over 20 restaurants across the world.
Ramsey has admitted he was recently advised to file for bankruptcy because his upmarket eateries have been hit hard by the international recession. He has been forced to sell his luxury sports car and is even considering offloading his London home in a bid to pay his debts.
But the star has been able to stave off the debt-collectors for the moment by pumping $8 million of his own money into the company in a last ditch bid to keep the business afloat.
Ramsey has also laid off 15 per cent of his 1,200 staff and cut back costs - but he hopes the frightening experience has made him a better restaurateur.
He tells Fox News, "I faced bankruptcy. Heading out of global economic downturn has been tough. Customers just disappeared. Those that were in the restaurants weren't drinking wine. All were on tap water.
"Then 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.
"I've learned a lot from a chef's point of view in terms of business. 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."
