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A 38-year-old steakhouse chain announced it will close more than 40 locations, marking a significant contraction for the long-running restaurant brand. The closures add to a wave of restaurant retrenchment this year as chains grapple with elevated costs and softer consumer spending. The decision underscores continued pressure on casual and full-service dining concepts, which have struggled to maintain traffic amid inflation-weary consumers pulling back on discretionary restaurant spending.