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The parent company of popular steakhouse chain 801 Chop House has filed for bankruptcy, but has no plans to close its stores just yet.
801 Restaurant Group filed for Chapter 11 bankruptcy protection on April 10, citing the need for debt restructuring. If the parent company can improve its financial position in the process, it may not need to close 801 Chop House stores.
In a statement emailed to USA TODAY on April 16, 801 Restaurant Group said, “The companies that own and operate the restaurants are not bankrupt and have no plans or need to file for bankruptcy. Individual restaurant companies that are operating successfully will not be affected by 801 Restaurant Group’s Chapter 11 filing.”
The group said the financial problems are largely due to the closures of 801 Fish in downtown Denver and 801 on Nicollet (formerly 801 Fish) in Minneapolis.
“The purpose of Chapter 11 is to restructure these and other obligations for which 801 Restaurant Group is responsible,” the statement reads.
The Chapter 11 case was filed in U.S. Bankruptcy Court in Kansas and lists debts totaling about $18.7 million, according to bankruptcy documents reviewed by USA TODAY.
Here’s what you need to know about the bankruptcy filing and what it means for 801 Chophouse stores.
What is 801 Chop House?
801 Chophouse is a chain of upscale steakhouses that originated in downtown Des Moines, Iowa, according to its website. The 801 Restaurant Group, which operates the steakhouse, is family-owned and operated and was founded in 1993.
Since its first location, 801 Restaurant Group has opened 801 Chophouses in Omaha, Nebraska. Leawood, Kansas. Kansas City, Missouri. St. Louis. Minneapolis; Denver; and Tysons Corner, Virginia.
The Kansas City-area-based group has added several 801 Fish and 801 Local stores in addition to the “Anchor 801 Chophouses.”
What will happen to the 801 Chophouse store?
801 Restaurant Group must decide how to reduce its debt to avoid bankruptcy, which could mean closing locations.
At this time, 801 Restaurant Group locations are negotiating long-term financial plans with lenders and creditors so they can continue operating as usual, serving steaks, paying staff, and taking reservations.
The company further indicated in public statements and court filings that it expects the daily operations of its restaurants to continue during the reorganization under U.S. bankruptcy law.
Is there a closed 801 Chop House?
As of April 16, none of the group’s eight 801 Chop House stores have closed.
However, 801 Restaurant Group’s concept restaurant 801 on Nicollet abruptly closed before the bankruptcy filing became public, according to the Twin Cities Business Journal. The restaurant closed five months after opening, the company said.
In a statement to USA TODAY, the group confirmed the closure of 801 on Nicollet and 801 Fish in downtown Denver.
“Except for the two stores that have closed, Chapter 11 is not expected to have any impact on our remaining stores,” the statement said.
Contributor: Susan Stapleton/Des Moines Register
