High-end steakhouse chain files for Chapter 11 bankruptcy
Americans are facing an increase in beef prices, resulting in the price of steak rising to $12.73 per pound and the price of ground beef rising to $6.70 per pound in March 2026. Federal Reserve Bank of St.Louis, WIBC-Radio reported.
Five years ago, ground beef averaged $3.96 per pound, and 10 years ago it cost $3.75 per pound, the report said.
According to U.S. Department of Agriculture data, rising beef prices were driven by declines in U.S. beef cattle herds; The total number of cattle and calves decreased from 86.5 million head in the previous year to 86.2 million head, the lowest level in 75 years. Texas Farm Bureau.
As the price of beef increases in both supermarkets and restaurants, consumer demand for the product decreases and sales in these retail sectors decrease.
The steakhouse restaurant industry has been impacted by price increases, causing some businesses to close their businesses and, in some cases, file for bankruptcy protection.
Owner of high-end steakhouse chain 801 Chophouse applied for Chapter 11 Bankruptcy Protection to restructure their debts and continue operating their restaurants Des Moines Register reported.
801 Restaurant Group LLC filed April 10 in the U.S. Bankruptcy Court for the District of Kansas in Kansas City, Case No. In the petition filed to 26-20549, he listed assets and liabilities of between $10 million and $50 million. PacerMonitor.
The company did not give an exact reason why it filed for bankruptcy.
The debtor is represented by Brown & Ruprecht PC in the Overland Park, Kan., bankruptcy case. Ignorance.
Restaurateur has eight owners 801 Chophouse Denver, Des Moines Iowa, Kansas City, Mo., Leawood, Kan., Minneapolis, Omaha, Neb., St. Louis, Mo. and locations in Tysons Corner, Va.
The debtor had previously closed the affiliated restaurant, 801 Nicollet in Minneapolis, which operated under the name 801 Fish.
801 Chophouse It serves aged USDA prime cuts, wet- and dry-aged produce, Japanese and domestic Wagyu beef, in-house pie desserts, small-batch bourbons and whiskeys, and an award-winning wine list, according to its website.
steakhouse’s menu Rosewood Ranches American ribeye is $145, dry-aged porterhouse is $143, 16-ounce wet-aged bone-in filet is $130, 12-ounce filet mignon is $87, 801 cut bone-in prime rib is $79, and 16-ounce ribeye is $77.
Many major steakhouse chains have also closed dozens of restaurants without needing to file for bankruptcy protection.
