Barstool Fund saves Steak Street restaurant in High Point
By Ally Ortolani
Opinion Editor
In 1999, Sandy Wrenn and her husband Carl put everything on the line to build and open what is known as Steak Street—one of High Point’s oldest family-owned and -operated restaurants.
Steak Street is known for its grilled voodoo shrimp, grilled salmon and, of course, their award-winning steak.
Aside from its popularity, Steak Street was one of the many establishments that were impacted by the COVID-19 pandemic. With their business on the line, the Wrenns could not afford to take any more losses. Luckily, help was on the way.
The founder of Barstool Sports, Dave Portnoy, announced on Dec. 17 that Barstool had started a relief fund to help small businesses that have been hit hard by the coronavirus pandemic. Currently, the Barstool Fund has raised over $35 million, with Portnoy contributing $500,000 of his own money.
After hearing about the Barstool Fund on a morning news show, the Wrenns knew exactly what they had to do to save their business: Apply to the Barstool Fund.
Little did they know that they were about to hit the jackpot when Portnoy called them.
“It does feel like you’ve just won the lottery when you think of how many people [and] businesses across the country have applied and are in need also,” Sandy said.
The Barstool Fund has helped numerous small businesses in various states across the country like Pennsylvania, New York, California, New Jersey, Michigan, North Carolina, Connecticut and many more.
The Wrenns took the chance of applying to the fund, with no intentions of actually succeeding. Then, a phone call came.
“I assumed it was my grandkids that are in Wilmington calling because they call every Sunday afternoon,” said Sandy. “So, I just whipped my phone out of my pocket and said, ‘Hey guys,’ and saw him there. My biggest fear was that I was going to drop the phone because I was shaking. It was so unexpected.”
Previous to its closing in March 2020, Steak Street employed between 50 to 60 individuals. However, the establishment has had to downsize to 32 employees.
“We took big losses,” said Sandy. “We had furniture market business, the ACC, High Point University’s graduation [ceremony] and many, many, wedding receptions that were booked full spring through summer. We lost all of that business.”
To apply to the Barstool Fund, individuals have to disclose a good bit of financial information for payroll, including mortgage and other tax-related information. A video and a personal statement or introduction are also required in the application.
Portnoy’s FaceTime call to the Wrenns was posted to the Barstool page via Instagram.
“We got your story about your restaurant steak house, been in the business family a long time, the exact type of people we’re looking for,” said Portnoy in the FaceTime call. “We want to help.”
Portnoy delivered the help he said he would.
“We just received our second funding,” said Sandy. “It’s very encouraging. They asked what we would most need help with, and we said payroll, so that has been a blessing to secure even in the weaker business that we have now. We are able to keep our payroll strong.”
The Barstool Fund provides monthly funding that individuals have to reapply for. Every month, the Wrenns, and other establishments supported by the fund, have to resubmit financial records.
“[Portnoy] did say, ‘We’re not just with you for a one-time thing. We will be with you through this and as long as you need that,’” Sandy said.
Steak Street is one out 262 businesses supported by the Barstool Fund, with more businesses being continuously added to the count—all thanks to Portnoy.
To support the Barstool Fund or to learn more about the cause, be sure to check out barstoolsports.com/the-barstool-fund.
And next time you’re looking for fine dining in the area, support local businesses and stop by Steak Street.