business
49-year-old popular steakhouse chain closes 41 locations
Key takeaways
- The rising cost of beef has been detrimental for U.S. steakhouses leading some popular restaurants to permanently close locations.
- An increase in the cost of beef led to steak prices spiking 16% to $12.73 per pound in March 2026, according to data from the Federal Reserve Bank of St.
- Several steakhouses have closed locations in the U.S. over the last three months including Fleming's Prime Steakhouse and Wine Bar, McCormick & Schmick's, Stoney River Steakhouse and Grill, and Quaker Steak & Lube.
The rising cost of beef has been detrimental for U.S. steakhouses leading some popular restaurants to permanently close locations.
An increase in the cost of beef 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. This affected menu prices and discouraged some diners from dining in steakhouses, reducing restaurant revenue.
Several steakhouses have closed locations in the U.S. over the last three months including Fleming's Prime Steakhouse and Wine Bar, McCormick & Schmick's, Stoney River Steakhouse and Grill, and Quaker Steak & Lube.
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