Major Steakhouse Chain Faces Threat Amid Closure As Bankruptcy Looms
Summary
The 801 Restaurant Group, which owns the 801 Chophouse steakhouse chain and other restaurants, has filed for Chapter 11 bankruptcy protection to reorganize its debts. The financial problems mainly stem from the closure of two restaurant locations, but the remaining restaurants will continue operating normally during the process.Key Facts
- The 801 Restaurant Group filed for Chapter 11 bankruptcy on April 10.
- The bankruptcy is for reorganization of debts totaling about $18.7 million.
- The issues come from financial guarantees the group made for some of its owned companies.
- Two restaurants, 801 Fish in Denver and 801 On Nicollet in Minneapolis, have closed.
- Other restaurants in the group are not affected and continue to operate.
- The company is family-owned and was founded in 1993.
- It has locations across several Midwest and nearby states, including Kansas, Missouri, Nebraska, Iowa, and Virginia.
- A bankruptcy meeting to discuss the case is scheduled for May 13.
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