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Ark Restaurants Corp. reports a key court ruling in its long-running dispute over its Bryant Park restaurant locations in New York City. A New York State court granted summary judgment in favor of the company on its claim that the landlord breached the Bryant Park Grill lease and related right of first lease for the Bryant Park Café, entitling Ark to money damages to be decided at a future trial.
The court also granted the landlord summary judgment on its claims for ejectment, use and occupancy, and breach of contract relating to the Bryant Park Café and The Porch at Bryant Park, while dismissing the remainder of Ark’s claims. Ark plans to file a Notice of Appeal on the adverse portions of the decision, which would stay eviction during the appeal. The company states that the uncertainty around this dispute has had, and is expected to continue to have, a material adverse impact on its business, financial condition and results of operations.
Ark Restaurants Corp. reported lower sales but a smaller loss in its latest quarter. For the 13 weeks ended March 28, 2026, revenue was $36.6 million versus $39.7 million a year earlier, and net loss attributable to the company narrowed to $1.8 million from $9.3 million, or $0.50 per share.
For the 26‑week period, revenue fell to $77.3 million from $84.7 million, while net loss improved to $0.9 million from $6.1 million. Management highlighted an adjusted operating result near breakeven after excluding a $566,000 prepaid rent write‑off tied to its Bryant Park locations and prior‑year one‑time items.
The company faces significant uncertainty around its Bryant Park Grill, Bryant Park Café and The Porch at Bryant Park, which together generated $10.3 million, or 13.3% of total revenue, in the first half. Lease terms have expired, litigation with the landlord is ongoing, and management expects this dispute to have a material adverse effect if it cannot retain these sites.
Ark Restaurants Corp. reported results for the second quarter ended March 28, 2026, showing a much smaller net loss even as sales softened. Net loss attributable to Ark Restaurants was $(1,808,000), or $(0.50) per share, compared with $(9,258,000), or $(2.57) per share, a year earlier. Total revenues were $36,584,000 versus $39,725,000 as same-store sales declined 7.6%. EBITDA, as adjusted, was $(592,000), a modest improvement from $(691,000) in the prior-year quarter.
The company ended the quarter with cash and cash equivalents of $11,487,000 and total outstanding debt of $7,553,000. Ark wrote off $566,000 of prepaid rent tied to its disputed Bryant Park Grill, Bryant Park Café and The Porch at Bryant Park leases; these locations generated about 13.3% of total revenue for the 26 weeks ended March 28, 2026. Management highlighted ongoing lease litigation and continued operational pressure in Washington, DC and Florida, while Las Vegas and the Robert restaurant in New York City performed better than last year. The company also reiterated that its investment in New Meadowlands Racetrack LLC carries significant uncertainty and may require further impairment assessment if planned gaming expansion does not progress.
Ark Restaurants Corp. reported the results of its Annual Meeting of Shareholders held on March 17, 2026. Shareholders representing 2,854,418 shares of common stock voted in person or by proxy, out of 3,606,157 shares entitled to vote.
All six director nominees — Michael Weinstein, Anthony J. Sirica, Marcia Allen, Bruce R. Lewin, Jessica Kates, and Stephen Novick — were elected to serve until the next annual meeting and until their successors are duly elected and qualified. Each nominee received more votes “for” than “withheld,” with over 1.52 million votes cast in favor of each candidate.
Shareholders also ratified the appointment of CohnReznick LLP as the company’s independent registered public accounting firm for the 2026 fiscal year, with 2,809,941 votes for, 44,346 against, and 131 abstentions, and no broker non-votes reported on this item.
Ark Restaurants’ quarterly results weakened as sales softened and prior-year one-time gains fell away. For the 13 weeks ended December 27, 2025, revenue fell to $40.7 million from $45.0 million, while net income attributable to Ark dropped to $896,000, or $0.25 per share, from $3.16 million, or $0.88 per share, a year earlier.
Excluding last year’s $5.2 million gain on the Tampa food court lease termination and El Rio Grande closure costs, operating income improved to $1.1 million from $0.6 million as food and labor costs were better managed. Same-store sales declined 7.3%, led by double‑digit drops in New York and Atlantic City, partly offset by growth in Washington, D.C.
The company ended the quarter with $9.1 million of cash, $3.0 million of debt and a working capital deficit of $5.0 million, and had no borrowings under its $20 million credit facility. A key risk is the Bryant Park Grill & Café and The Porch at Bryant Park, which together generated about 19.5% of revenue this quarter and are subject to an ongoing lease dispute and litigation that management says is already having a material adverse impact.
Ark Restaurants Corp. reported weaker first-quarter results for the 13 weeks ended December 27, 2025. Total revenue was $40,749,000 versus $44,988,000 a year earlier, reflecting softer sales and the prior closure of the Tampa Food Court. Company-wide same store sales, excluding Tampa, decreased 7.3%.
EBITDA, as adjusted, rose to $1,529,000 from $1,378,000, but net income attributable to Ark Restaurants Corp. fell to $896,000, or $0.25 per share, compared with $3,164,000, or $0.88 per share, mainly due to prior-year gains and lower contributions.
The Bryant Park Grill & Café and The Porch at Bryant Park, which generated about 19.5% of revenue this quarter, face ongoing lease litigation and negative publicity, which the company states has had and is expected to continue to have a material adverse effect. Ark also highlights uncertainty around its investment in New Meadowlands Racetrack LLC, which may face substantial impairment if a proposed New Jersey casino referendum does not advance or pass.
Ark Restaurants Corp. is asking shareholders to vote at its Annual Meeting on March 17, 2026 at 10:00 a.m. at Bryant Park Grill in New York City. Holders of 3,606,157 common shares as of January 20, 2026 can vote.
Shareholders will elect six directors to one-year terms and ratify CohnReznick LLP as independent registered public accounting firm for fiscal 2026. The Board recommends voting FOR all director nominees and FOR auditor ratification.
The Board has a combined Chairman and CEO role held by Michael Weinstein, with a majority of directors deemed independent under NASDAQ rules and three standing committees. In fiscal 2025, CEO compensation was $825,000, while the company reported a net loss of $9.2 million, compared with a $3.7 million net loss in 2024. Directors received cash retainers and meeting fees but no new equity grants in 2025.
As of January 20, 2026, Michael Weinstein beneficially owned 26.32% of the common stock, while other significant holders included Thomas A. Satterfield Jr. with 17.26% and Desai Ravi Ramesh with 5.00%.
Ark Restaurants Corp. reported total revenues of $165.8M for the year ended September 27, 2025, down 9.7% from $183.5M a year earlier, reflecting weaker same-store sales and the closure of El Rio Grande and the Tampa Food Court. The company posted an operating loss of $4.1M, similar to last year, after recognizing a $5.2M gain on the Tampa lease termination and significant non-cash impairment charges, including $4.7M on Sequoia’s right-of-use and long-lived assets and a $3.4M goodwill write-down.
The Bryant Park Grill & Café and The Porch at Bryant Park leases expired in 2025 and are the subject of ongoing litigation; these locations generated $25.5M and $31.1M of revenue in 2025 and 2024, or about 15.4% and 17.4% of total revenue, and the related uncertainty is described as having a material adverse impact. Same-store sales fell 4.2% company-wide, with notable declines in New York and Washington, D.C., while Florida modestly grew. Ark ended the year with $11.3M in cash, a reduced working capital deficit of $5.4M, and ongoing capital commitments to refresh key Las Vegas properties. The Board has not declared dividends since May 2024.
Ark Restaurants Corp. furnished a press release announcing its financial results for the fourth quarter and fiscal year ended 2025. The press release, attached as Exhibit 99.1, contains historical information about the company’s performance and includes forward-looking statements about future results, which the company notes are subject to risks and uncertainties that could cause actual outcomes to differ materially. The information in this report and the exhibit is being treated as furnished rather than filed under federal securities laws, so it will only be incorporated into other securities documents if specifically referenced.