Latest news with #TheVirginiaInn
Yahoo
29-04-2025
- Business
- Yahoo
Historic Pike Place Market restaurant will remain open after uncertainty
A historic Pike Place Market restaurant will remain open after all. Earlier this month, The Virginia Inn announced it would close because of a lease dispute with the Pike Place Market Preservation & Development Authority (PDA). However, on Monday, the restaurant posted online that it received a 'last-minute reprieve' of its eviction notice. 'Thank you all for your overwhelming support, we couldn't have done it without you,' the post from the restaurant said. 'We will resume business as usual.' The Virginia Inn opened in 1903 – four years before the Market itself. According to the restaurant's website, the modern chapter began when Patrice Demombynes and Jim Fotheringham took over in 1981. It quickly became one of the first art bars in Seattle, showcasing a rotating selection of local artists. The restaurant was even featured in the 1992 'grunge era' film 'Singles.' In 2019, Seattle restaurant veterans Karl Sexton and Craig Perez took over. 'We have survived through Prohibition, the Great Depression, the Great Recession, the COVID pandemic, and many other events in between,' the owners wrote online. Now, the restaurant has survived a near-closure over lease negotiations.
Yahoo
29-04-2025
- Yahoo
Seattle's Virginia Inn to stay open after last-minute eviction reprieve
The Brief The Virginia Inn, one of Seattle's oldest institutions, will remain open after receiving a last-minute reprieve of an eviction notice. The century-old spot originally planned to close on Sunday after failed negotiations with its landlord, but now "plans to find a path forward." SEATTLE - One of Seattle's oldest institutions will remain open after receiving a last-minute reprieve of an eviction notice. The Virginia Inn, which originally opened in 1903, had planned to close on Sunday, April 27, after its lease was terminated by the Pike Place Market Preservation and Development Authority (PDA). The century-old spot made the announcement after failed negotiations for an equitable lease. However, in an update on Monday, the Virginia Inn said it had received a reprieve of the eviction notice from the PDA, and now has "plans to find a path forward." "Thank you all for your overwhelming support, we couldn't have done it without you. We will resume business as usual," the Virginia Inn said on social media. The Virginia Inn was one of the first art bars in Seattle, and has remained in business for over 120 years. It's older than the Pike Place Market, and was even featured in the 1992 film, "Singles." Today, the restaurant is serving up regional Northwest cuisine and signature cocktails. You can find them on the corner of 1st Avenue and Virginia Street in downtown Seattle. The Source Information in this story is from social media posts from the Virginia Inn and FOX 13 Seattle reporting. First confirmed Pacific Northwest sighting of invasive Chinese mitten crab Motorcyclist dead, 2 others injured in Pierce County crash At least 11 dead after car plows into Vancouver, B.C. crowd Tears, heartbreak at Chase Jones sentencing—teen in fatal Renton, WA crash 1 dead, 1 injured after shooting in Tacoma, WA WA pilot program offers free walk-on ferry rides to San Juan Islands Bothell, WA teacher faces judge over student sexual misconduct allegations To get the best local news, weather and sports in Seattle for free, sign up for the daily FOX Seattle Newsletter. Download the free FOX LOCAL app for mobile in the Apple App Store or Google Play Store for live Seattle news, top stories, weather updates and more local and national news.
Miami Herald
28-04-2025
- Business
- Miami Herald
Historic restaurant unexpectedly closes its doors
There's never been a more difficult time to own a brick-and-mortar business. Some blame the rise of online shopping for that, and they wouldn't be wrong. Both Amazon and eBay made their debuts in the '90s, opening up a world that customers had never dreamed of. Don't miss the move: SIGN UP for TheStreet's FREE Daily newsletter Amazon got its start as a bookstore that founder Jeff Bezos started in his garage after leaving his job as a vice president at D. E. Shaw & Co., a Wall Street firm. Bezos named it Amazon after the world's biggest river because he planned to create the world's biggest bookstore - which many would argue he accomplished. EBay, on the other hand, was founded as a hobby by a French-born Iranian-American computer programmer named Pierre Omidyar. One of the first items he ever sold, back when eBay's name was still AuctionWeb, was a broken laser pointer (which he managed to get someone to pay $14.83 for). Related: Bankrupt retailer to reopen over 100 stores, locations revealed While both had humble beginnings, they grew into behemoths that would eventually dwarf businesses they were inspired by. Amazon made $630 billion in 2024, an 11% increase in the previous year, while eBay took in $2.6 billion, a modest 1% increase. As these titans of industry thrive, other longtime businesses are being forced to call it quits. The most recent one to announce a closure is doing so after more than a century in business. In a post on its Facebook page on April 11, The Virginia Inn - located in Seattle's historic Pike Place Market - announced that it would be closing permanently on April 27 after 122 years in business. "Our lease has been terminated by our landlord, the Pike Place Market PDA, due to failed negotiations for an equitable lease," the post reads. "The V.I. - as it's known to regulars - has a long and colorful Skid Row history dating back to 1903. In the 1980s, we became one of the first art bars in Seattle, showcasing a rotating selection of local artists. We were featured in the iconic 'grunge era' 1992 film 'Singles.'" The Virginia Inn's owners ask that patrons join them to commemorate the closing, saying, "Please join us in celebration for what makes the Virginia Inn such a beloved historical institution. Have a drink, share a cry or a story, buy a T-shirt. All T-shirt proceeds will go into a fund for our employees." Related: Global retailer closing U.S. stores, no bankruptcy planned The owners also requested that Seattle residents who are upset about the news reach out to Pike Place Market Chairs Devin McComb or Zack Cook, as well as reaching out to Mayor Bruce Harrell. "We have a staff of 20+ people; many long term employees who have dedicated their lives and love to this place. We want to stay!" the post reads. One patron reached out to Cook and shared a reply they got in the comments of the post, saying, "Virginia Inn has been operating on a month-to-month basis after choosing not to sign a five-year lease extension with terms in line with similar businesses at the Market. Over several months, the PDA offered numerous opportunities to either negotiate a new lease or sell the business, but Virginia Inn did not pursue either path. As a result, the PDA was forced to end the month-to-month tenancy." Many local businesses have announced bankruptcies and shutdowns as of late, painting a disturbing picture for those still operating but struggling to get by. From looming tariff concerns to lease disagreements such as what The Virginia Inn suffered, small businesses are facing an unprecedented amount of overwhelming challenges - and many believe that there's no way to survive in the current climate. However, the Pike Place Market PDA says although current owner Craig Perez will no longer be in the picture, they have a plan for the future of The Virginia Inn. "The PDA fully intends to find a new steward for the iconic Virginia Inn," they said in an email to The Stranger. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Miami Herald
20-04-2025
- Business
- Miami Herald
Massive restaurant suddenly shutting down after 100 years
If you're up for a challenge, you might consider training for a marathon, becoming fluent in a new language (try Icelandic or Mandarin if you're really ambitious), or getting your pilot's license. If you've already done all of these, or you're just up for an even bigger challenge, try opening a restaurant. Related: Another fashion retail chain suddenly closing stores, liquidating Starting up and running a restaurant is one of the hardest and most thankless jobs in the retail and service space. Restaurant launches typically require a lot of cash up front. After buying your property, you'd need to invest in pricey equipment for the kitchen, furniture and decor for guests, renovations, licensing, permits, insurance, and inventory. You'd also need to hire labor, which is pretty hard to find nowadays. Once all that is done, you'd need to invest in marketing and signage to actually convince prospective diners that their money would be well spent at your establishment. And that's before you start stocking all that perishable inventory, a never-ending expense that typically results in a lot of food waste. In fact, the average cost of starting up a restaurant runs somewhere between $275,000 to $425,000, depending on location, type of fare, and other factors. Once you put all that cash up front, you might think the hard part is over. But the truth is, it's just getting started. Labor is hard to find, but it tends to be even harder to keep, since working in a restaurant often involves long hours during peak times. More closings: Iconic retail chain closing nearly 500 storesAnother discount retailer closing over 1,000 storesAnother struggling mall retail chain closing more stores The recurring cost of food and inventory is also steep, especially if you're buying high-quality ingredients. And owners need to pay the typical costs associated with any brick-and-mortar establishment, like rent, insurance, cleaning, and utilities. Plus, customer tastes are fickle. So it's no surprise that just under one fifth of restaurants fail within the first year of business, and 51% fail within the first five years. Even some of the most storied restaurants have difficulties. Michelin-starred dining spots and fast-food franchises alike have seen closures in recent years. And now, The Virginia Inn, a Seattle-based restaurant with decades of history, will follow suit. The Virginia Inn opened its doors in 1903 and has even been featured in films. It serves traditional Northwestern fare, such as: MusselsSmoked salmonFish and chipsFresh Pacific rockfishBurgers But its run is coming to a close and the restaurant will permanently close its doors on April 27, 2025. Related: Costco customers frustrated by sneaky new bakery tactic The restaurant reportedly could not agree on lease terms with its landlord and has ultimately decided to close. "The one sticking point that I had with our lease was the percentage-based rent that [the PDA] charges on top of the base rent and the maintenance," owner Craig Perez said of the issue, "and that is 6% of our total sales after $1.2 million." The PDA is the Pike Place Market Preservation and Development Authority, which said "we don't discuss the details of individual leases," adding, "Over several months, the PDA offered numerous opportunities to either negotiate a new lease or sell the business, but Virginia Inn did not pursue either path. As a result, the PDA was forced to end the month-to-month tenancy." The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
