High-end dining chain Stoney River Steakhouse and Grill has announced it will close its Towson, Md., restaurant location by June 26, 2026 and lay off 68 employees. The company did not specify beef or labor costs as a reason for the closure. The rise in beef prices has led to steak prices rising 16% to $12.73 per pound in 2026, according to data from the Federal Reserve Bank of St. Louis. Restaurants have also dealt with rising labor costs and higher prices for other products driven by inflation over the past three years. However, another high-end steakhouse, 801 Chophouse, filed for Chapter 11 bankruptcy protection to restructure its debts and operate its restaurants.