Beloved Papa Cristos restaurant to close after 77 years in Pico-Union
"This is more than heartbreaking. I grew up here," owner Chrys Chrys. "I was coming in here as a little boy. I've been in an apron working here for 65 years — this is my life. Now, here we go, we are going to cut it off."
Chrys said he's closing the restaurant because of the rising costs.
"We want to stay here forever," he said. "The neighborhood is becoming more expensive. Rents and values have taken us out."
As word spread about Papa Cristos' closure, loyal customers came by to say their goodbyes, forming lines that went out the door.
"We're happy. We've had the pleasure of knowing and coming here for over 40 years," customer Tony Lama said.
Customers stocked up on olive oil, Greek pasta, Baklava and Papa Cristos' special spices.
"I can't stand the idea he's not going to be here anymore," customer Roger Allers said. "I want there to be some way to save this."
Chrys' daughter Annie Kolber flew in from Chicago to help her dad in the final weeks.
"My grandfather started the market from this wall to this wall in 1948," Kolber said. "Anything beyond that, that's all been my dad. He took this over in his 20s and built this cultural center, if you will, in the center of LA."
Chrys is turning 80 soon and wants to spend time with his grandkids. He said Papa Cristos had a good run.
"I'm not leaving anything behind," he said. "The spirit of this place will endure forever."
While this may be the end of the storefront, the family is figuring out a way for their food and products to live on.
"We don't know what it's going to be," Chrys said. "We can't leave you by yourselves. We are here for you. We love you."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
14 hours ago
- Business Insider
How Allegro MicroSystems (ALGM) Can Outpace AMD in Boosting Returns
With the advent of artificial intelligence, it's no surprise that semiconductor giants like Advanced Micro Devices (AMD) have surged in value in recent years. However, the company isn't immune to pressure, as its latest financial disclosure demonstrated, with statistic hot-shots like Allegro MicroSystems (ALGM) waiting in the wings. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Thanks to investors increasingly ramping up their expectations, hiccups against key benchmark figures can result in tremendous volatility, as we've just witnessed in AMD stock. For the second quarter, Advanced Micro reported record revenue of $7.7 billion, representing a 32% jump against the year-ago period. Fundamentally, much of the growth could be attributed to strong demand for server and PC processors. Not surprisingly, the latest sales tally beat Wall Street analysts' consensus view of $7.41 billion. Unfortunately, the company couldn't sustain the same magnitude of momentum on the bottom line. Adjusted earnings per share landed in line with the consensus estimate. However, this figure represented a huge decline of 30.4% on a year-over-year basis. In terms of outlook, management guided Q3 revenue to reach approximately $8.7 billion, reflecting 28% year-over-year growth. Notably, this forecast swung past the Street's estimate of $8.3 billion. Still, it wasn't enough to prevent an initial panic in AMD stock following the disclosure. That said, the equity entered this past weekend on a high note. With the bulls once again demonstrating their resilience, AMD stock may look interesting to options traders. However, there's another overlooked chipmaker that astute speculators may want to consider. AMD's Shining Moment Has Passed To be 100% clear, I'm not trashing AMD stock. If you genuinely believe that the security offers viable upside, I won't protest. However, the point I'd like to make is that based on a statistical framework, AMD lacks a confidence-inspiring signal. In the options arena, the financial publication industry focuses heavily on convoluted concepts such as implied volatility, unusual activity, and the Greeks. While these are certainly intriguing datapoints, that's all they are. It's like looking at the speedometer — useful, perhaps, to avoid getting a traffic ticket, but having this knowledge alone won't make you drive like Max Verstappen. Here's the ultimate truth when it comes to options: it doesn't matter how cheap your option is if the probabilistic risk of failure is sky-high. No amount of Greek fluency can save a trade destined for the dumps. As such, I'm a big believer in discrete-event analysis. Rather than view share prices in their native form as continuous scalar signals, I prefer to convert and categorize price action into discrete, defined states. For example, in the past 10 weeks, I'm no longer interested in how AMD stock transitioned from one price point to another. Instead, I look at how the market voted to buy AMD seven times and sell three times. During this period, the security enjoyed an upward trajectory. For brevity, we can label this sequence as 7-3-U. For a deeper delve into my proprietary quantitative analysis and how 'sequences' are derived, readers can refer to previous articles. The goal of categorizing these 10-week sequences is to use past analogs to determine how the market responds to them. As a baseline, the chance that a long position in AMD stock will rise on any given week is 55.07%. This is effectively our null hypothesis, the probabilistic expectation assuming no mispricing. However, our alternative hypothesis is that, because of the 7-3-U sequence, the odds have changed. Sadly, the odds change to the projected detriment of bullish traders, with the probability of upside shrinking to 40.43%. This translates to a downside probability of 59.57%, which, in my opinion, isn't enough to justify an outright bearish position. From a trader's perspective, AMD stock is stuck in no-man's land. Allegro MicroSystems: The Arguably Better Alternative For those seeking speculative growth, I would much rather consider Allegro MicroSystems. A semiconductor specialist, Allegro designs, develops, manufactures, and markets sensor and power integrated circuits (ICs) that are used in a variety of applications, especially in the automotive and industrial sectors. While ALGM stock doesn't command the footprint of an AMD, it's a name respected by several market experts. Since the start of the year, ALGM has gained nearly 46%, which is an impressive performance. However, in the past month, the security has been down roughly 17%, thereby presenting a discounted opportunity for aggressive traders. It's not just about the red ink; rather, the statistical profile is very compelling. In the last 10 weeks, the market voted to buy ALGM stock six times and sell four times. During this period, the security swung upward. Again, for brevity, we can label this sequence as 6-4-U. Here, the baseline probability — or the null hypothesis — is 50.8%, barely a positive bias. However, with the 6-4-U sequence flashing, our alternative hypothesis stands at 63.89%. Therefore, an incentive exists to consider a debit-based options strategy. From past analogs, the median expected performance assuming the positive pathway is 4.88% in the following week when the 6-4-U sequence flashes. If the bulls manage to maintain control of the market for the next three weeks, traders may anticipate an additional performance boost of 1.41%. With ALGM stock closing at $30.77 on Friday, the upside target could be $32.73, possibly $33 if the winds move favorably. Thanks to the structure of the options market right now, a compelling idea may be buying the $30 call expiring September 19 outright. Presently, the ask on this contract is $2.50 or $250 when applying the options multiplier. Based on intrinsic value at expiration, the breakeven price for this trade is $32.50. Another trade to consider for extreme speculators is the 35/40 bull call spread expiring on November 21. This transaction involves buying the $35 call and simultaneously selling the $40 call, for a net debit paid of $120 (the maximum possible loss). Should ALGM stock rise through the short strike price of $40 at expiration, the maximum profit is $380, a payout of about 317%. Keep in mind that looking that far ahead is difficult for any forecasting model to get right. However, I will say that the p-value (from a one-tailed binomial test) of the 6-4-U sequence is 0.1353. This means that there's a 13.53% chance that the implications of the signal could materialize randomly as opposed to intentionally. I can't call this a statistically significant signal, but it remains an empirically intriguing sequence within the stock market's open and entropic system. Is ALGM a Good Stock to Buy? Turning to Wall Street, ALGM stock carries a Strong Buy consensus rating based on nine Buys, two Holds, and zero Sell ratings over the past three months. ALGM's average stock price target is $38.09, implying almost 20% upside potential. Allegro Offers a Superior Options Trading Opportunity Than AMD While Advanced Micro Devices has been a fan favorite, there's growing evidence that traders are getting stretched with AMD stock, putting the security in ambiguous air. In contrast, ALGM stock offers a much clearer probabilistic signal, making it an intriguing alternative.
Time Business News
2 days ago
- Time Business News
Evangelos Pistiolis Biography: From Athens College to Global Shipping
Introduction Evangelos Pistiolis is a Greek entrepreneur with diversified activities in shipping, investment, and real estate. He is best known as the founder and CEO of Top Ships Inc., a company listed on the New York Stock Exchange (NYSE). He has also served as Honorary Consul of Hungary in Greece, and is actively involved in visual arts, motorsports, and philanthropy. Early Life and Education Born in Athens in 1973, Pistiolis graduated from Athens College in 1991. He then pursued a degree in Shipping Operations at Southampton Solent University in the United Kingdom, graduating in 1999. While studying, he worked in shipbroking firms in London, including Howe Robinson & Co. Ltd., gaining early experience in the maritime industry. Business Career In 1996, he founded Compass United Maritime Ltd., and in 2000, he launched Ocean Holdings Inc., the core holding company of his maritime interests. In 2004, he founded Top Tankers Inc., which went public on NASDAQ raising $146 million — according to this detailed article by Mononews. The company quickly grew into a major global player, with its fleet expanding to 31 vessels in just two years. In 2007, it was renamed Top Ships Inc. and transitioned to the NYSE. Investments and Parallel Activities Beyond shipping, Pistiolis has invested heavily in real estate across the United States, United Kingdom, Greece, Switzerland, and the UAE — as reported by The National News. He is a known collector of fine art, including works by Picasso and Banksy, as well as high-performance cars. He maintains a private museum in Switzerland to house his collections. Philanthropy Through the Evangelos Pistiolis Foundation, he has supported the Swiss School of Archaeology in Greece, along with various initiatives in culture, education, and public safety. Evangelos Pistiolis exemplifies the modern multifaceted entrepreneur who bridges shipping, finance, and culture. His journey from Athens College to the NYSE reflects the trajectory of a truly globalized investor with a strong presence in both business and civic life. TIME BUSINESS NEWS
Yahoo
3 days ago
- Yahoo
How does Marinakis avoid multi-club ownership troubles?
Uefa regulations around multi-club ownership and European competitions are in place to prevent collusion. In the governing body's rulebook, a club is required to prove they are not "simultaneously involved in any capacity whatsoever in the management, administration, and/or sporting performance of more than one club participating in a Uefa club competition". Nottingham Forest owner Evangelos Marinakis, who also controls Greek side Olympiakos, avoided regulations around multi-club ownership by diluting his control of the Premier League side, which was announced in April. John Textor took similar steps to help Crystal Palace's prospects of playing in the Europa League by agreeing to sell his stake to New York Jets owner Johnson in June. Ultimately, there were no sanctions to avoid and no case to answer for Forest - they fell short in their Champions League challenge and are therefore not in the same competition as Olympiakos.
