Overview
- 801 Restaurant Group, which filed April 10 in U.S. Bankruptcy Court in Kansas, listed about $18.7 million in liabilities, including over $3 million in lease guarantees and $1.8 million owed to the SBA.
- The company says the LLCs that own each restaurant are not part of the case, with all 801 Chophouse locations open and serving customers.
- Executives tie the strain to guarantees and costs linked to the closures of 801 Fish in Denver and 801 On Nicollet in Minneapolis.
- A creditor “341 meeting” is scheduled for May 13, where officials will question the company about its finances and restructuring plans.
- Rising input costs intensify the pressure, with steak prices up 16% to $12.73 per pound in March and the U.S. cattle herd at a 75-year low.