Overview
- The Kansas-based parent filed for Chapter 11 in the District of Kansas on Friday, saying restaurants will keep serving guests, paying staff, and honoring reservations during the case.
- Bankruptcy papers list about $18.7 million in debts versus nearly $15 million in assets, including more than $3 million in lease guarantees and roughly $1.8 million owed to the Small Business Administration.
- In a statement to Newsweek, the company tied its financial strain to guarantees on two shuttered units, 801 Fish in Denver and 801 On Nicollet in Minneapolis.
- The group says the individual restaurant companies are not in bankruptcy and that all eight 801 Chophouse locations remain open.
- Next steps include a May 13 meeting where creditors question the debtor, and the restructuring could cut debt in ways that may lead to lease exits or closures if talks do not produce relief.