[1] The chain saw a decline in the 1980s when it attempted to diversify its menu options, drawing focus away from the steak in favor of fish, salads, and chicken.

[3] After acquiring nearly $2 million in debts, Littleton-based Jamco Ltd., the parent firm of the Mr. Steak restaurant chain, filed for Chapter 11 reorganization under the U.S. Bankruptcy Code.

At the time of the filing, Randall Pike had replaced Mathers as chairman and CEO and the company had 122 franchise Mr. Steak restaurants and the 25 company-owned operations in 36 states and Canada.

[4] The company incurred an enormous debt by "co-signed leases with a lot of franchise operators that didn't make it.

[6][5] In 1993, Omnivest attempted to revitalize the brand by introducing the more upscale "Mr. Steak's Firegrill" concept.