Charlottesville Restaurateur's Empire Crumbles

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Charlottesville venture capitalist-turned-restaurateur Stefan Friedman's sprawling restaurant empire is rapidly contracting, with the closures of several high-profile eateries including Ace, Bonny & Read, Littlejohn's, and Draft.

Why it matters

Friedman's restaurant group was once a dominant force in Charlottesville's dining scene, but its recent collapse highlights the challenges facing the local restaurant industry, which has been hit hard by the pandemic and economic uncertainty.

The details

Friedman, a local venture capitalist, expanded his restaurant holdings aggressively over the past decade, but the group has now shuttered several of its most prominent establishments in quick succession. The reasons behind the closures are not entirely clear, but industry experts cite a combination of factors including rising costs, staffing shortages, and changing consumer preferences.

• Friedman's restaurant group began expanding in Charlottesville around 2015.
• The closures of Ace, Bonny & Read, Littlejohn's, and Draft occurred in late 2025 and early 2026.

What’s next

Industry analysts will be closely watching to see if any of Friedman's remaining restaurants can weather the current economic storm, or if his once-dominant restaurant group continues to contract further.