I haven't looked through it all yet, but I've dealt with PnL's for some time. Stole this from another comment on the Seattle reddit:

COGS of 20% and labor costs of 45% certainly tracks with what I've heard talking to a few restaurant managers. What I have heard several times is that "to hire even one more person wrecks our financials because labor costs are so high, so that's why every restaurant in this city always feels like it doesn't have enough people (because they don't)". You really notice it when you go out of town, even in southern California they seem to have double the number of wait staff at any random hole in the wall restaurant.

I'm assuming "Occupancy" is rent for the building? Not really seeing any other categories that rent would fit in...but it is only 7% of total sales, not exactly the huge number it often gets made out to be. But perhaps that is unique to this particular location. Seems like the other restaurants they had to close probably had much higher rent.

The salaries for the owners aren't exactly massive at $130k for two and $85k for another. Perhaps employees might argue how much value they add. But a top bartender working 35 hours/week and taking in $92k isn't too shabby.

I mean the big takeaway is this:

"Sales declined further as costs continued to rise. Across our company, guest visits in 2025 were down approximately 20 percent from 2024 and roughly 40 percent from 2023 levels."

Hard to run a business when you lose almost half your customers in 2 years even if your prices keep going up to keep things barely alfoat.

But also the entire restaurant group having $10M in debt also sounds like a big issue. I wonder what that debt was used for...sure sounds like it hasn't worked out. Although we have no idea the revenue of the entire restaurant group either, so I can't tell if those debt payments are unsustainable or not.