I own two restaurants. Business #1 opened about 6 years ago and I’m the sole owner. Small place, ran it by myself until 2022 when we could finally afford some management help. Was presented with an opportunity to open a bigger restaurant down the street with a great location & already existing restaurant in place. Great! We were excited.

The build out ended up costing double what we intended to pay, with a lot of issues hiding under the surface. We lease the space & essentially spent $200k out of our own pockets to get the place in working order. It looks beautiful, the reviews are great & the price point is approachable ($30-40pp). We’re a critical darling of the neighborhood but certainly not a ratings hit. It’s been almost exactly 1 year since we opened to the public & 2 years since construction costs began. We’ve been out of money since May & have been using our Business #1 to help with costs, but that’s no longer feasible and now both locations are struggling.

We could take out another business loan, but we owe $300k already & all my personal cards are maxed out. My husband and I are the “managers” and haven’t received a dollar in profits yet. I know, restaurants take FOREVER to turn a profit. But we just can’t afford basic necessities anymore & I’m personally losing any gusto I once had. After 6 years of hustling & trying & pivoting & working so hard, I feel burnt out. But, we owe family members money & investors are relying on us.

Has anyone been through something similar with any advice? I know restaurants are closing left and right but there’s not enough honesty in the industry of folks coming out to speak about how exactly they decided to close or keep going. I really want to pay everyone back, that’s more important than even my own personal money. But dissolving & filing for bankruptcy feels inevitable but also like the only light at the end of this long terrible tunnel.