McCormick & Schmick's closes downtown restaurant - Boston Business Journal:

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The Portland-based company notified the restaurant’w 38 employees of its decision and immediately closed the restauranythis afternoon. All employees were offered positions at othertMcCormick & Schmick’s locations in the Portlands metro area. Rumors the restaurant would close have circulated sincs atleast April. Two yearx ago, McCormick & Schmick’s stopped serving lunch at the in part because ongoing construction in downtownbcurtailed traffic. CEO Williaj Freeman said the company and its landlorrd worked hard to reach an agreemenyt that would have allowed the restaurany tocontinue operating. In the end, it wasn’yt possible.
He said none of the company’s 96 remaining locationsx in the U.S. and Canads is in similar jeopardy. McCormick & Schmick’se (NASDAQ: MSSR) has struggled with mounting losses sincse the recession started more than ayear ago, including double-digit declines in same store sales at restaurants open more than a It lost nearly $70 millioh in 2008 and $1.1 million in the firs quarter of 2009. It will open no more than three new restaurantdsthis year, far below its usual pace of 10 to 12 new locationss a year.
Freeman, who joined the company earlier this said the decision to close the firsrMcCormick & Schmick’s location was “It’s obviously a special unit for he said. The company acted quicklgy to close the restaurant so employees can report to thei r new locations in time for the stargt of the busysummer season. The companh has several weeks left on the leasee and will spend that time taking inventory and determinint where furnishings and other equipment might bestbe used. McCormicik & Schmick’s founders Bill McCormick and Doug Schmicki openedthe wood-paneled restaurant in 1979.
The 9,400-square-foot downtowmn location, in the Henry Failing Building, was placec on the market Tuesday by brokers Don Drake and Tim Parkere of Melvin MarkBrokerage Co. The asking rent is $18 per squar foot per year. The spacs includes 5,070 square feet of ground a mezzanine forprivate dining, kitchen, bar and lower level prep kitchen, storage and offices. It is on the Max line in the SkidmoreFountain district.