The upscale steakhouse chain shutters dozens of locations

During the Covid lockdown, my wife and I occasionally ordered from major steakhouses like Morton’s and Ruth’s Chris, which offered aggressive delivery deals and meal kits.

Those promotions emphasized how steakhouses depended on personal dining and how vulnerable they were when offices were empty, and business travel came to a standstill.

“As remote or hybrid work continues to become popular, office attendance has declined. Less personal work can increase office vacancy rates and reduce foot traffic to other businesses located in office-dense areas,” shared the Federal Reserve in Kansas City.

Basically, if people stop going to the office or go less often, businesses built to serve office workers suffer.

This affects related businesses such as hotels and fine dining establishments catering to business diners and travellers.

“Policy restrictions closed service establishments across the United States
Early months of COVID. As cities emerged from the lockdowns of the early pandemic period, some, but not all, of these businesses withdrew, and many establishments in city centers closed,” the New York Fed shared in a special report on the future of New York City.

One restaurant chain, McCormick & Schmick’s, suffered greatly from this shift in work patterns, contributing to a steady decline from 60 locations at its peak to 13 now.

McCormick & Schmick’s, a steak and seafood chain, was founded in 1979 in Portland.

Its last location in Portland closed in March, 2025.

“We are grateful for the support of our dedicated employees and the Tigard community over the years,” COO Shah Ghani said in a statement, reported by KPTV. “While this location is closing, we are working to relocate our team members to nearby properties and look forward to welcoming our guests to Jake’s Grill, Jake’s Crawfish, and other McCormick & Schmick’s locations nationwide.”

Those brands, such as McCormick and Schmick’s, are owned by Landry’s Restaurants.

Locals have taken the bandh seriously.

“We thought it was going to be here forever,” said Bill Stockton, who came to the restaurant Saturday afternoon with his wife, Claudia, to have a last meal.

“I think they’re irreplaceable,” said Claudia Stockton. “Nothing like that.”

Landry’s isn’t public and doesn’t report sales data, but Nation’s Restaurant News shared some insight into why the chain is struggling.

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“Houston-based steak and seafood concept McCormick & Schmick lost 10.2% in 2024 sales to $82.1 million, while closing 8.7% of its system at the end of the year at 21 locations. Part of Landry’s Inc., the chain boasted more than 60 locations,” the Nation reported.

Those closings continued through 2025, and the chain has only 13 locations left, according to its website.

• Several McCormick & Schmick’s locations have closed this year The upscale seafood and steakhouse chain trims its footprint under parent company Landry’s Hospitality, according to SeafoodSource.

• The last Oregon restaurant closed in March 2025Ending the brand’s presence in its home state of Oregon, Common Eater.

• McCormick and Schmick’s lease on Chicago’s Loop closed abruptly after its lease expiredSurprised staff and diners late in 2025, NBC Chicago reported.

• The last McCormick & Schmick’s location in Charlotte closed in May 2025ending over 20 years of service to that city. k1047.com

“A lot of these companies are finding that their sales aren’t as strong as they expected,” says Jim Sanderson, a restaurant industry analyst at Northcoast Research. Customer traffic at full-service restaurants in the third quarter of 2024 was down 3% from a year earlier and down 17% from the same period in 2019, according to CREST, a Time report.

McCormick & Schmick’s isn’t the only steakhouse chain closing locations. Outback Steakhouse, owned by Bloomin’ Brands, recently decided to close 41 locations.

“We periodically review our property base and, in our most recent review, we decided to close 41 underperforming locations. Most of these restaurants were older properties from the ’90s and early 2000s,” Bloomin’ Brands CEO David Deno shared on the chain’s fourth-quarter earnings call.

Many American consumers have cut back on their discretionary spending, according to McKinsey’s latest Consumerwise State of the US Consumer report.

“The ‘lipstick effect,’ or the tendency of consumers to indulge in small luxuries or affordable treatments during periods of economic uncertainty, has extended beyond beauty destinations. While 75% of consumers reported a decrease in business in at least one category, 39% of consumers expressed their intention to do so, according to the scope of the study.

Steakhouses, however, seem to be a luxury that few people are willing to give up.

“But perhaps most importantly, consumer attitudes toward food have changed dramatically. Restaurants are having the same inflation affecting their customers. When grocery bills and mortgage payments consume more of the monthly budget, it’s hard to justify that $75 ribeye, even for six-figure earners,” Money Talk News reported.

Bankrate’s 2025 Discretionary Spending Survey shows that 54% of US adults expect to spend less on travel, dining or entertainment in 2025 than they did in 2024. Notably, that number is up from 49% in last year’s survey who said they expected to spend less in 202023.

“The cumulative effect of inflation and higher interest rates is stressing households, contributing to record levels of credit card debt and dampening consumer sentiment,” shared Bankrate Senior Industry Analyst Ted Rossman.

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This story was originally published by TheStreet on January 1, 2026, where it first appeared in the Restaurants section. Add TheStreet as a preferred source by clicking here.