Americans are facing an increase in beef prices that resulted in a 16% spike in the price of steaks to $12.73 per pound and ground beef to $6.70 per pound in March 2026, according to data from the Federal Reserve Bank of St. Louis, WIBC- Radio reported.

Five years ago, ground beef averaged $3.96 per pound, and $3.75 a pound 10 years ago, the report said.

Rising beef prices have been spurred by a decline in the U.S. beef cattle herd, with the total cattle and calf count reaching a 75-year low of 86.2 million head, down from 86.5 million a year ago, according to U.S. Department of Agriculture data reported by the Texas Farm Bureau.

As the price of beef increases at both supermarkets and restaurants, consumer demand for the product also slides, reducing sales in these retail sectors.

The steakhouse restaurant sector has been hit by price increases, leading certain establishments to close businesses and, in some cases, file for bankruptcy protection.

The owner of the high-end steakhouse chain 801 Chophouse has filed for Chapter 11 bankruptcy protection to restructure its debts and keep operating its restaurants, the Des Moines Register reported.

801 Restaurant Group LLC filed its petition, Case No. 26-20549, in the U.S. Bankruptcy Court for the District of Kansas in Kansas City on April 10, listing $10 million to $50 million in assets and liabilities, according to PacerMonitor.

The company did not state a specific reason for filing for bankruptcy.

The Overland Park, Kan., debtor is represented by Brown & Ruprecht PC in the bankruptcy case, according to Inforuptcy.

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The restaurant operator owns eight 801 Chophouse locations in Denver, Des Moines Iowa, Kansas City, Mo., Leawood, Kan., Minneapolis, Omaha, Neb., St. Louis, Mo., and Tysons Corner, Va.

The debtor already closed an affiliate restaurant in Minneapolis, 801 Nicollet, which had previously operated under another name, 801 Fish.

801 Chophouse serves aged USDA prime cuts, wet and dry-aged products, Japanese and domestic Wagyu beef, in-house pastry desserts, small-batch bourbons and scotches, and an award-winning wine list, according to its website.

The steakhouse's menu includes its Rosewood Ranches American ribeye at $145, a dry-aged porterhouse at $143, a 16-ounce wet-aged bone-in filet at $130, a 12-ounce filet mignon at $87, an 801 cut bone-in prime rib at $79, and a 16-ounce ribeye at $77.

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Several large steakhouse chains also have closed dozens of locations without needing to file for bankruptcy protection.

Bloomin' Brands' Outback Steakhouse in 2025 revealed that it would close 41 underperforming locations after reviewing its portfolio. The company in February 2025 that the majority of the restaurants were older assets with leases dating back to the 1990s and early 2000s.

Bloomin', which operates 60 Fleming's Prime Steakhouse and Wine Bar locations, said it will close its Upper Kirby location in Houston on April 18, 2026, after 25 years, as the company decided not to renew its lease at 2405 West Alabama Street in Houston, spokesperson Elizabeth Daly told Culture Map Houston.

Steak and seafood chain McCormick & Schmick's, owned by Landry's Inc., once had 60 restaurants. The chain's restaurant count fell to 21 locations in 2024, as sales declined by over 10% that year, then the company slashed locations down to 13 by the end of 2025, Nation's Restaurant News reported.

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This story was originally published by TheStreet on Apr 16, 2026, where it first appeared in the Restaurants section. Add TheStreet as a Preferred Source by clicking here.