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What business decision was made to shut down a property you own to find a new location? Something is fishy.
Nothing “fishy”….they have realized they no longer can support that much space. To heat, maintain, pay property taxes, etc is overhead that needs to be cut. Turning owned real estate into cash to open a smaller location makes good business sense to me. Best of luck Gray family!! And thank you for hanging in and trying to make it work.
Just guessing, but maybe they borrowed against it and the payments are too big.?
They do serve fish
What they won’t tell you is they have changed many of their ingredients and recipes and the quality of food has gone to crap! Meets have changed, vegetables have changed, the gravy’s have changed twice in a year per staff! Many items were removed from the menu.
They changed first and their customers responded! Such a shame!
Spot on, David B.
Still chuckling about asking 10mm for a building worth maybe $900k at best
Was just the cherry on top of the way they ran the family business into the ground. Times changed, they didn’t have a clue how to keep up.
Their food and quality had really gone down hill for many years.
I had not eaten there in many years, but my memory of all three meals is that the food was superb. Management and committed ownership are the lifeblood of businesses and almost all have finite lifespans. I just wonder how much the changes to 37 and 69 hastened their demise – progress marches on. (and yes, $10 million was pretty hopeful)
The debt service alone on the loan required to buy this business is suffocating. If the business is struggling to break even now, that debt load would wipe out any chance to make it work.