Restaurant Selling $175 Burger Files for Bankruptcy

The Wall Street Burger Shoppe filed for Chapter 7 protection, after only three short years of serving up its infamous $175 Richard Nouveau Burger to the financial district's elite.

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While a restaurant selling an upscale $175 hamburger closed its doors, the burger trend is still going strong.A New York restaurant that made headlines by selling a $175 burger has shut its doors. The Wall Street Burger Shoppe filed for Chapter 7 bankruptcy protection this week, after being open for only three years.

The upscale Wall Street eatery catered to the bank-laden crowd of lower Manhattan, but its pricey blend of Kobe beef, black truffles and foie gras couldn't bring in enough revenue to cover the restaurant's reported liabilities of $500,000.

Chef and owner Kevin O'Connell has launched several other successful eateries, including Pop Burger, Pizza Bar and Veranda, and has worked under notable chefs Daniel Boulud, David Burke and Patrick Clark, according to his consulting website.

The $175 burger, known as the Richard Nouveau Burger, was reserved for the spot's upscale second floor dining room, while the common folk dined at the quick-serve counter downstairs.

Burger entrepreneurs shouldn't fret -- restaurant guide guru Tim Zagat doesn't see this as a sign that the burger trend is slowing. "The economy has been driving this trend for the past three years and I don't see that disappearing yet," Zagat told Crain's New York.

Tags: 175 burger, burger business, Kevin OConnell, News, Richard Nouveau Burger

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