Yahoo Finance
Rising food costs driven byinflationhave 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 theFederal ReserveBank 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 includedFleming's Prime Steakhouse and Wine Bar,McCormick & Schmick's, andStoney River Steakhouse and Grill, withQuaker Steak & Lubeabout to close one, too.
AGolden Corralrestaurant franchisee,Conroe Corral Murphy LLC, however filed forChapter 11 bankruptcyin Texas on June 8 and continues to operate.
Outback Steakhouse's ownerBloomin' Brandsclosed 21 locations in 2025 and said it would close another 22 locations in 2026 as leases expire, according to its third quarterearnings call.
And now, the lastQuaker Steak & Lubelocation in Florida, located in Clearwater, will permanently close on July 5, the restaurant's General Manager Hilliary Smith said in aFacebookpost.
"After almost 23 years of service, Quaker Steak & Lube is closing its doors after business closes on July 5th," Smith, who worked at the restaurant since 2009, said.
Neither Smith nor Quaker Steak Lube stated a reason for closing the location, which opened in 2003.
Smith said she began working at the restaurant in August 2009.
TheQuaker Steak & Lubechain opened in 1974 in an abandoned gas station in Sharon, Pa., as a muscle car-themed, cook-your-own-steakrestaurant chain.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment