Billy Streck, a name behind some of Atlanta's most talked-about restaurant openings over the past two decades, has filed for Chapter 11 bankruptcy, claiming nearly $2.8 million in debt. The filing comes after a string of lawsuits accused Streck and his restaurant entities of defaulting on loan payments, unraveling what had been a long run of building and investing in the city's dining scene.
According to The Atlanta Journal-Constitution, the bankruptcy filing follows recent lawsuits filed against Streck and his restaurant entities that allege he defaulted on loan payments. The AJC reports that Streck has invested in and helped develop Atlanta restaurants.
Not everything with Streck's name attached has gone under, though. The Michelin-recommended Lyla Lila, which remains open near the Fox Theatre in Midtown, is among the restaurants still standing. The AJC's report describes Billy Streck as a silent partner, not a spokesperson, and attributes the comments about restaurants thriving to Jeremy Gatto.
A Pizzeria's Rise and Fall Along the Beltline
One of the more visible casualties tied to Streck's restaurant portfolio is Nina & Rafi, the Italian American pizza restaurant that closed on the Eastside Beltline. The bankruptcy filing describes it as a former pizzeria along the Atlanta Beltline that shut its doors before Streck's Chapter 11 petition. Streck told the AJC that the closure traced back to the pandemic era, saying, “The impact of 2020 hit the restaurant industry hard. And like many others, we faced challenges in the years that followed that made it difficult to fully recover.”
The space at 661 Auburn Ave. NE has since found new life. Damian Otero, co-owner of the Rreal Taco chain, purchased the former Nina and Rafi location, and the AJC reports Otero and the Rreal Tacos team are partnering with tapas restaurant Eclipse di Luna to open its fourth location there.
Pielands and a Steakhouse That Never Opened
Streck opened Pielands in Virginia-Highland in late 2021 alongside partner Jeff Stamp, according to a description in Atlanta Magazine that identified him as the owner of Lyla Lila, Hampton & Hudson and Cypress Street Pint & Plate.
Streck had also planned to open an upscale steakhouse along the Beltline and had announced a general manager for the project, the AJC's reporting shows. Soon after that announcement, the outlet reported, Streck was no longer employed there — though the circumstances surrounding that departure were not further detailed.
Creditors Line Up as Debts Mount
The Chapter 11 petition lists a range of creditors. Citibank is listed for about $30,000 in credit-card debt, while the Georgia Department of Revenue filed a tax claim against Streck for more than $20,000. Streck also reportedly borrowed $75,000 from Brian Huefer, a debt tied to litigation now pending in Fulton County Superior Court.
Restaurant operators face pressure from sales challenges and rising costs. That pressure lines up with broader industry data: a Restaurant365 industry survey covering 4,000 restaurant locations nationwide found sales volume was the top challenge for 30% of operators in 2025, with rising food costs close behind at 28%, and food-cost inflation for the year climbing to 91% after operators had anticipated only 82%.
The National Restaurant Association has reported that food costs nationally are now up 34% compared with pre-pandemic levels, while labor costs have climbed 39% over the same span. The trade group found 95% of full-service operators cited elevated food costs as their primary concern.
For now, Lyla Lila keeps serving diners near the Fox Theatre, even as its founder works through a bankruptcy case that touches nearly every corner of his once-sprawling Atlanta restaurant footprint.
