Kansas-based steakhouse operator 801 Restaurant Group filed for Chapter 11 bankruptcy last week, adding to the long list of restaurant bankruptcies over the past few years.
The group owns eight restaurants under the 801 Chophouse and 801 Fish brands. It opened the first 801 Chophouse in 1993 in Des Moines, Iowa, and has since expanded to Denver; Leawood, Kansas; Kansas City; Minneapolis; Omaha; and St. Louis. It recently closed a newer concept, 801 on Nicollet, in Minneapolis, but its other locations appeared to be operating as normal.
In a Kansas Bankruptcy Court filing dated April 10, the company reported assets of nearly $15 million and liabilities of $18.7 million. Creditors’ claims include more than $3 million in lease guarantees and a $1.8 million claim from the U.S. Small Business Administration.
The bankruptcy process will give the company an opportunity to restructure those debts.
The filing is the latest in a long string of restaurant bankruptcies over the past few years that has included giant chains such as Red Lobster and Hooters as well as smaller groups. The trend reflects changing consumer dining patterns due to inflation as well as the rising cost of operating restaurants, a one-two punch that has left many companies unable to cover their expenses.
Steakhouses in particular have had to navigate historically high beef prices of late. 801’s filing did not say exactly what led to its financial challenges, and it had not immediately responded to a request for comment Wednesday.
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