Founded in 1966, it achieved major success in the 1970s and 1980s before declaring Chapter 7 bankruptcy proceeding and closing its remaining 58 locations on July 29, 2008.

[2][3] Steak and Ale was opened in Dallas, Texas, on February 26, 1966, by Norman E. Brinker, one of the most influential American restauranteurs of the 20th century.

The chain, with its dimly lit Tudor-style decorated dining rooms, billed itself as offering an upscale steak experience at lower prices.

[6] It remained an independent chain until 1976, when Pillsbury purchased it and folded it into its restaurant group with Burger King, Bennigan's, Poppin Fresh Pies and other stores.

In 1982, Pillsbury spun off the company and Bennigan's into the independent S&A Restaurant Corp. Steak and Ale grew as one of the first chain dinner houses to its height in the late 1980s with 280 locations, before competition that the brand helped inspire eroded its market presence.

[4] On February 11, 2015, CEO Paul Mangiamele and his wife, Gwen, closed on a management buyout of the company from its parent private equity firm, for an undisclosed price.

In June 2020, Mangiamele announced that the first revamped Steak and Ale location was under construction and scheduled to open in 2021 in Cancún, Mexico.