Favorite Steak Restaurant Closes All 261 Locations

Facing financial turmoil, a popular restaurant chain has made the difficult decision to close 261 locations, laying off all employees in a bid to reduce costs. Rather than pivoting to take-out and delivery services, the company chose to cut payroll and benefits in response to economic pressures. This chain, owned by CraftWorks Holdings, also faced internal turmoil as its former CEO, Hazem Ouf, was dismissed following allegations of mishandling $7 million in sales tax funds.

Already navigating Chapter 11 bankruptcy before the pandemic, the company’s abrupt layoffs have left around 18,000 workers without jobs or healthcare amid a global crisis. The newly appointed CEO, Marc Buehler, swiftly implemented these cutbacks, pushing former employees to seek alternative health insurance options.

While CraftWorks Foundation has extended some support through its HOPE Program, the situation has ignited debate over whether companies should prioritize their financial stability or the well-being of their employees in such trying times.