Latest news with #OneMarket
Miami Herald
21-05-2025
- Business
- Miami Herald
Iconic restaurant closing its doors after 32 years
If there's one industry that's struggled immensely in recent years, it's the restaurant business. The trouble began back in 2020, when the pandemic hit and people were forced to stay home and keep their distance from others. Don't miss the move: Subscribe to TheStreet's free daily newsletter Restaurants weren't forced to close per se in 2020. But for a period of time, they were limited to takeout and delivery, which didn't work well for every model. While casual eateries were able to adapt to a "food on the go" model, fine dining establishments couldn't adjust as easily. Nobody wants to order a $60 filet mignon to go. And so a number of higher-end restaurants wound up closing permanently in the wake of the pandemic. Related: Formerly bankrupt Tex-Mex chain unveils deals diners will love But no sooner did restaurants open their doors to customers in 2021 when supply-chain bottlenecks came to a head. In addition to struggling with rising labor costs, restaurants had a hard time securing key products like chicken. And once that issue was resolved, inflation started to creep upward. Now, consumers are cutting back on restaurant spending not because they want to, but because they have to. This holds especially true for fine dining restaurants. It's hard to justify spending $100 or more on a nice sit-down meal when that could buy many days of groceries. The past few years have been filled with restaurant closures and bankruptcies - some more expected than others. When Red Lobster filed for bankruptcy in May of 2024, many people weren't surprised. The company was saddled with debt it couldn't manage in the wake of declining foot traffic. And while customers loved the chain's endless shrimp promotion, rather than drive revenue, it ultimately led to losses. Related: After closing 600 locations, fast-food chain has many more planned TGI Fridays, another popular chain, filed for bankruptcy roughly six months after Red Lobster. The company cited slow sales and increased competition as factors for seeking Chapter 11 protection. But it's not just casual restaurants that have either succumbed to bankruptcy or closed their doors. Fine dining restaurants have also struggled, despite their tendency to attract a different type of customer. In recent years, San Francisco has fallen victim to a massive retail exodus. The city's once-thriving downtown has seen many popular stores shutter or exit over the past few years. Now, One Market Restaurant, an award-winning San Francisco eatery, is closing its doors for good after a successful 32-year run. The restaurant is slated to serve its last meals on June 11. Related: KFC's newest restaurant concept has customers obsessed One Market was a success from the start, earning the distinction of "Best New Restaurant of 1993" from the San Francisco Examiner the year it opened. It then went on to hold a Michelin Star from 2008 to 2012. One Market was known for its delicate and playful menu, featuring starters like chickpea fries and entrees such as pan-seared halibut and bacon-wrapped pork tenderloin. Through the years, the restaurant earned its share of accolades, including recognition among the "Top 10 American Restaurants in the U.S." in Gayot's Restaurant Dining Guide. On its website, the restaurant thanked its loyal customers for a wonderful 32 years. "We may be moving on, but we truly are leaving our hearts in San Francisco," said the One Market team. Unfortunately, the impending closure of One Market is yet another harsh blow to San Francisco, which is working hard to revitalize Union Square. Co-founded Michael Deller cited a combination of business-related and personal factors as reasons for the closure. "Those five years since the pandemic have been very different," Dellar told KTVU. "As we know, people didn't come back, work schedules changed, tenants moved away, and the robust nature that was the Financial District pre-Covid is different now. Is it going to come back? It probably will. But I looked at being 80 soon." More Fast Food & Restaurant News: Starbucks makes shocking pricing move customers will loveBankrupt restaurant chain offers new deal, stiff drinkNew Taco Bell menu items combines multiple classics On the plus side, once One Market closes, the space it occupies will open up to new bidders looking to secure prime real estate in the city at a time when a revival may be right around the corner. In the meantime, One Market will be serving up lunch, dinner, and all-day happy hour for customers to enjoy. But fans may want to make a reservation sooner rather than later, as the restaurant has seen an uptick in bookings since announcing its closure. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Yahoo
20-05-2025
- Business
- Yahoo
One Market Restaurant to close after 32 Years in San Francisco
The Brief One Market Restaurant will close on June 11 after 32 years in downtown San Francisco The decision follows post-pandemic challenges, decreased foot traffic, and the owner's retirement plans. SAN FRANCISCO - One of San Francisco's most enduring restaurants, One Market, is closing next month after 32 years at the foot of Market Street. Known for its contemporary American cuisine, the restaurant was a longtime go-to for business lunches, dinners, and celebrations in the city's Financial District. On its front door now hangs a sign: "Thank you, San Francisco: After 32 years anchoring the foot of Market Street in San Francisco, One Market Restaurant will be reaching retirement on June 11, 2025. Until then, it's lunch, dinner, all-day happy hour, and private events Monday through Friday… Thank you for your friendship and patronage for more than 3,000,000 meals, and smiles, over the years. We may be moving on, but we truly are leaving our hearts in San Francisco." A letter was also sent to guests. Michael Dellar co-founded the contemporary American restaurant in 1993 - the same year it was named Best New Restaurant by the San Francisco Examiner. It later earned a Michelin star from 2008 to 2012. The decision to close came down to a mix of personal and business factors for Dellar. The restaurant once boasted up to 1,000 covers a day across breakfast, lunch, and dinner in its early years. Before the pandemic, it averaged a few hundred. Today, it serves just under 100 guests daily - not including private event bookings. "Those five years since the pandemic have been very different," said Dellar. "As we know, people didn't come back, work schedules changed, tenants moved away, and the robust nature that was the Financial District pre-COVID is different now. Is it going to come back? It probably will. But I looked at being 80 soon." Dellar said his planned retirement played a role and efforts to sell the restaurant didn't work out. He announced the closure to staff recently. "I was choked up, as I knew I would be," he said. "But I feel that this is a great opportunity for the next iteration of what this wonderful space is." Jay Lyon, a longtime customer, said the closure will leave a personal impact. "It will be a loss... I will regret this and think about dishes that I enjoyed and people that I've befriended," Lyon said. Kevin Barry recalled scoring a coveted table the year One Market opened - on a very memorable night. "It was my wife and my first date," Barry said. "We sat in the window right over there, it was amazing. I lived in the Marina and my neighbor was the manager, so I called her up and I said I need dinner reservations. It was a hot ticket then." Others noted the broader changes in the neighborhood over the past few years. "It's not the same for sure, definitely after - you know, I was born and raised here," said Norma Deleon of Vallejo. "So I get to see the difference from back in the day until now. I know it's sad because a lot of businesses had to leave." One Market will remain open through June 11. Dellar said the restaurant has seen a significant uptick in reservations since announcing its closure.
Yahoo
19-05-2025
- Business
- Yahoo
Acclaimed SF eatery One Market Restaurant closing after 32 years
SAN FRANCISCO (KRON) — Acclaimed long-running San Francisco eatery One Market Restaurant will close next month after 32 years at the foot of Market Street. The restaurant, which first opened in 1993, will serve its last meal on Wednesday, June 11. Founded by chef Bradley Ogden and restaurateur Michael Dellar, One Market held a Michelin Star from 2008 to 2012. The year it opened, it was named the San Francisco Examiner's 'Best New Restaurant of 1993.' Additional accolades include two 3 1/2-star reviews from former San Francisco Chronicle food critic Michael Bauer, and recognition in the 'Top 10 American Restaurants in the U.S.' by Gayot Guide. Bay to Breakers photos capture outrageous costumes from this year's race 'What a run it's been!' read a letter from the restaurant to guests. 'After 32 years anchoring the foot of Market Street in San Francisco, One Market Restaurant will be reaching retirement on June 11, 2025. Until then, it's lunch, dinner, all-day happy hour, and private events Monday through Friday.' Among the reasons cited for the closure were a hoped-for sale to the restaurant's management team, the pending retirement of founder Michael Dellar, and 'the after-effects of COVID-19.' The decision, according to the restaurant team, was 'inevitable and bittersweet.' 'We may be moving on, but we truly are leaving our hearts in San Francisco,' the letter from the restaurant team concluded. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
18-05-2025
- Business
- Yahoo
Former Michelin-Starred 'One Market Restaurant' Is Closing
One Market Restaurant, which used to have a famed Michelin star, is shutting its doors after three decades. According to The San Francisco Chronicle, the 'acclaimed' restaurant is closing on June 11, 2025. It was open for 32 years, The Chronicle reported, and announced its closure on May 16, 2025. The owners were hoping to sell the business, but The Chronicle was 'unable to find that deal." The owners said the closure decision was 'inevitable and bittersweet,' the newspaper reported, adding that the restaurant struggled 'to recover from the pandemic.' "Created by Chef Bradley Ogden and restaurateur, and still Managing Partner, Michael Dellar in 1993, One Market Restaurant has become a standard for sophisticated dining in San Francisco," a timeline on the restaurant's website says. "For the past 20 years, One Market has offered the award-winning farm-to-table cuisine of Chef/Partner Mark Dommen. The restaurant sports views of the Ferry Building, F-Line Trolley and Bay Bridge. Featured are an open exhibition kitchen with a special 'Chef's Table,' a wood-fired grill and rotisserie, several private dining rooms, a vibrant bar with a stellar cocktail program, and caring professional service directed by Front of House-Bar Manager Oscar Davila," the website continues. "One Market also boasts one of the city's most impressive wine lists curated by Sommelier and Wine Director Tonya Pitts, named the 2023 Sommelier of the Year by Wine Enthusiast," it says. The restaurant shares photos of some of its dishes on its Instagram page. According to a statement on Elite Traveler, "The appointment of head chef Mark Dommen has led to the restaurant receiving a Michelin star for the fourth consecutive year. Dommen has created a menu that takes contemporary American fare and gives it a modern twist."
Business Wire
08-05-2025
- Business
- Business Wire
Permuto Capital Announces Amended Registration Statements for Novel Equity Product
NEW YORK & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Permuto Capital LLC (Permuto), a joint venture between 3V Capital Partners SE LLC (3V Capital Partners) and Chia Network Inc. (Chia Network), today announced submission of amended registration statements for the MSFT Trust initially filed on January 15, 2025, and the AVGO and AAPL Trusts filed on February 28, 2025. The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectuses related to these offerings, when available, may be obtained by email at info@ Registration statements relating to these securities have been filed with the SEC but have not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offerings are subject to market conditions, and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or other terms of the offerings. About Permuto Capital Permuto, based in New York City and South San Francisco, is dedicated to advancing innovative financial solutions for institutional and retail investors. With a commitment to integrity and strategic growth, we aim to drive progress in an ever-evolving marketplace. For more information on Permuto, visit About 3V Capital Partners SE LLC 3V Capital Partners focuses on the democratization of innovative financial solutions that were traditionally only offered to qualified institutional buyers and carried significant fee drag. 3V Capital Partners utilizes cutting-edge technology and rigid risk management standards to ensure our products carry the lowest possible fee for investors and minimize counterparty risk. Founded by a team of technology-focused investment bankers, the firm seeks to innovate financial markets and enable investors to better manage risk and customize exposure to public securities. About Chia Network Inc. Chia Network delivers software to enable enterprises to tokenize, custody, and trade any asset, while ensuring auditable authenticity and provenance. Created by Bram Cohen, the inventor of BitTorrent, the underlying open source, public Chia blockchain provides the secure and regulatory-compliant infrastructure for One Market.
