Houston-area restaurant with self-service bar concept closes and files for bankruptcy
SPRING BRANCH, Texas – Less than a year after launching its new self-service bar concept, a Spring Branch restaurant is closing its doors for good.
The shutdown is just one example of how small businesses are struggling in a tough economy.
PREVIOUS: Houston owner launches self-service bar and offers investors free pizza for life
After an 11 month run, shoot the moon is filing for Chapter 7 bankruptcy. The restaurant, which opened last July, allowed customers to pour their own beer, wine, liquor and cocktail directly from a tap wall.
“Today is our last day of service. We will remain open regular hours until 10 p.m. and then we will officially file for bankruptcy,” said Kevin Floyd, the owner.
Floyd helped bring popular Houston staples like Anvil, Underbelly and Julep to fruition. His curriculum vitae and his experience were the recipe for success. But in 2022, these factors were simply not enough.
“The fundamental gross foot traffic that we needed to make the business cash flow positive just never materialized there,” Floyd said.
RELATED: Inflation in May hits highest level in 41 years, says Labor Department report
“I have never seen such a drastic increase in the cost of food across the board happen so quickly and sustainably,” Floyd said. “They’re not going down. I don’t think we’ll ever see cost of goods sold again from 2019.”
While Floyd attributes the business’s closure primarily to its location, he acknowledges that supply chain issues and record inflation may also have contributed to its post-pandemic downfall.
Last week, inflation hit a 40-year high of 8.6%.
“If any of those factors were slightly different, we’d probably be in a different place, but they all happened at the same time and there’s just no way we can adapt to all of that.” , said Floyd. .
AFTER: Biden tells oil refiners: produce more gas and diesel, less profit
As growing fears of a possible recession loom, President Biden has said tackling inflation is his number one priority.
Gas prices are currently averaging just under $5 a gallon across the country.
Consumer spending is also showing signs of slowing, according to a Bloomberg report.
As for Floyd, he is now focused on picking up parts and interviewing for a new job.
“I will most likely end up in personal bankruptcy, overall. I’m the type of business owner that won’t leave anything on the line, so I put everything I could into this,” Floyd said. .