Longtime Cody steakhouse changing hands

Posted 2/4/20

One of the fixtures of Cody’s restaurant scene, the Proud Cut Saloon and Steakhouse, is changing hands. The new owner says he intends to maintain the Proud Cut’s status as a premier …

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Longtime Cody steakhouse changing hands

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One of the fixtures of Cody’s restaurant scene, the Proud Cut Saloon and Steakhouse, is changing hands. The new owner says he intends to maintain the Proud Cut’s status as a premier steakhouse — and he’s hoping to see an uptick in business from Kanye West’s recent business ventures in the area.

Longtime Proud Cut owners Del and Becky Nose are selling the downtown business to David Peterson, who has decades of management experience. A business plan that Peterson submitted to the Cody City Council says he will spend five months — two months pre-sale and three months afterwards — working with Becky Nose on the intricacies of running the business.

“We will continue to offer the same great value, service and consistency that has enabled us to be in business for 35+ years,” Peterson wrote.

He reported that the Proud Cut had nearly $1.47 million worth of sales in 2018.

“Sales are forecast to increase by 3% due to increase off season patronage spurred by the recent establishment of the Yeezy corp in Cody,” Peterson wrote in the plan, referring to Kanye West’s multi-billion-dollar sneaker and fashion partnership with Adidas that’s now headquartered in the city.

The “modest” 3% percent increase would “place the Proud Cut ahead of industry giants like the Cheesecake factory” in terms of sales per square foot, Peterson wrote.

As for his experience, Peterson said he’s managed budgets ranging from $500,000 to well over $15 million, with staff containing more than 50 people. Specifically, Peterson said he helped start one of the world’s largest online poker companies and was an early member of a startup that later sold for about $1 billion. He’s also a certified SERVsafe food manager.

Peterson had to provide the information to the Cody City Council because he’s seeking to have the Proud Cut’s city-issued liquor license transferred to him. The council is set to consider the transfer at its meeting this (Tuesday) evening.

Peterson is seeking to initially own the business and license through a newly formed corporation called Wyoming Restaurants, Inc., but said he intends to eventually change the name to Proud Cut Saloon Inc.

The restaurant’s actual building, located at 1227 Sheridan Ave., will be held by a separate limited liability company owned by Peterson, called Cody Restaurants, LLC, and then leased to the Proud Cut.

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