Rising food costs driven by inflation have been a problem for U.S. steakhouses ranging from high-end to budget establishments, leading some well-known restaurants to permanently shut their doors and in some cases file for bankruptcy
An increase in the cost of beef that led to steak prices spiking 16% to $12.73 per pound in March 2026, according to data from the Federal Reserve Bank of St. Louis, affected menu prices and discouraged some diners from dining in steakhouses, taking a bite out of restaurant revenue.
Steakhouses that have closed locations in the U.S. over the last three months have included Fleming's Prime Steakhouse and Wine Bar, McCormick & Schmick's, and Stoney River Steakhouse and Grill, with Quaker Steak & Lube about to close one, too.
A Golden Corral restaurant franchisee, Conroe Corral Murphy LLC, however filed for Chapter 11 bankruptcy in Texas on June 8 and continues to operate.
Outback Steakhouse's owner Bloomin' Brands closed 21 locations in 2025 and said it would close another 22 locations in 2026 as leases expire, according to its third quarter earnings call.
An increase in the cost of beef that led to steak prices spiking 16% to $12.73 per pound in March 2026, according to data from the Federal Reserve Bank of St. Louis, affected menu prices and discouraged some diners from dining in steakhouses, taking a bite out of restaurant revenue.
Steakhouses that have closed locations in the U.S. over the last three months have included Fleming's Prime Steakhouse and Wine Bar, McCormick & Schmick's, and Stoney River Steakhouse and Grill, with Quaker Steak & Lube about to close one, too.
A Golden Corral restaurant franchisee, Conroe Corral Murphy LLC, however filed for Chapter 11 bankruptcy in Texas on June 8 and continues to operate.
Outback Steakhouse's owner Bloomin' Brands closed 21 locations in 2025 and said it would close another 22 locations in 2026 as leases expire, according to its third quarter earnings call.
3 months ago
