The bankruptcy filing of Seattle-based company Restaurants Unlimited is having a ripple effect in Seattle and beyond — at least five restaurants owned by the corporation were closed down in recent days, while one was sold to new owners.
Bar and grill restaurant Henry’s Tavern is the most notable closure — the bar and grill no longer exists in Washington, with two Seattle locations (South Lake Union, SoDo), and a Bellevue restaurant all closed down. The Southcenter location of steak chain Stanford’s has shuttered, while downtown Italian restaurant Palomino is also closed; another Palomino in Bellevue was closed in July, right when Restaurants Unlimited filed for chapter 11 bankruptcy.
According to the Puget Sound Business Journal, many Restaurants Unlimited properties were saved when a Houston company, Landry’s, stepped in to purchase it for $37.2 million last week. However, not every restaurant under the Restaurants Unlimited umbrella was included in the sale — the five closures above were all excluded, which forced them to close abruptly this week.
The Northgate location of Stanford’s was also set to close down, until Bellevue restaurant group Ascend stepped in to purchase it (along with three other Portland-area Stanford’s locations, and a Portland-based seafood restaurant).
The bankruptcy filing is also impacting other west-coast cities — some Stanford’s locations in Portland were recently shut down, as were other restaurants in the Bay Area.
Landry’s, which owns chains like the Bubba Gump Shrimp Co. and Morton’s The Steakhouse, was the only bidder to make an offer on Restaurants Unlimited, and its sale was approved last week. That sale likely saved a number of other restaurants in the Seattle area: Pike Place restaurant Cutters Crabhouse, Palisade and Maggie Bluffs (both at the Elliot Bay marina), and Tacoma’s Stanley and Seafort’s all remain firmly open.
- Henry’s Tavern, Palomino closed down as Stanford’s Restaurant in Northgate sold [Puget Sound Business Journal]
- Owner of Popular Henry’s Tavern and Palomino Files For Bankruptcy [ESEA]
- Stanford’s restaurants have closed at Portland Airport, Lloyd Center [Oregon Live]
- Landry’s Purchase of Restaurants Unlimited Gets Court Approval [Restaurant Business]