May. 13, 2008 at 10:20am
Hope you didn't blink
Just saw on Spew that, a mere month after opening, Gringo de Loco has closed. They cleaned up the former La Costa spot and had a go at Mexican food and blues music. Seems as though the current owners dreams were dashed by a $50K lien on the place that came with their hasty purchase. They left the attorney part out of the buy and this is the outcome. Here's a snip from a lengthy note/back story on their website:
At the time we took over, La Costa was months behind on the power and gas bills. Payroll was late. State and City taxes had not been paid for much of 2007. To sum it up, if there is a vendor or organization that a restaurant needs to deal with to conduct business you can bet we owed them something. To make matters even more difficult, the old owner had packed up and left for Guadalajara without a word just days into the month of March. Not a good sign.
Here's a PDF of the note.
I feel bad for the current owner but it seems they'll be able to avoid all the debt due to a clause in the purchase agreement. Farewell, Gringo de Loco, we barely knew thee.
TacomaMama and friends ate there though!
comments  | posted under food, gringo de loco, mexican, restaurant, tacomaComments
by izenmania on 5/13/2008 @ 10:35am
|Dang... I was hoping to get down there. I liked the idea of a jazz and blues club that close to me. Plus I do love Mexican food.
I guess it's... good and bad that the reasons for closing were what they were. Obviously it sucks, but I am kind of glad that they didn't close based on lack of interest and revenue, but because the place was just too far in the hole already, and the housing situation put a hurting on their funds. It lends hope to the notion that a restaurant can succeed there, as long as it starts from a stable financial footing.
by jenyum on 5/13/2008 @ 10:48am
|There was definitely a substantial lunch business in there already,when we visited. Something really ought to be open and functioning in that space. I hope it's possible to clear up some of these issues and get a restaurant or some other business going again.|
by morgan on 5/13/2008 @ 12:15pm
|Another case where the services of a commercial real estate agent (business opportunities too) could have helped. And we charge much less than a lawyer.|
by morgan on 5/13/2008 @ 12:39pm
|That does suck though.|
by Erik on 5/13/2008 @ 2:23pm
|I had planned one day to go in, but never made it.|
Another case where the services of a commercial real estate agent (business opportunities too) could have helped.
Yes, the terms looked pretty bad going in and they were obviously under capitalized. Somehow they agreed to take on far too much debt and problems than they could handle.
The next person to give it a try will sweep most of their problems away.
by jenyum on 5/13/2008 @ 6:12pm
|Yes, there were definitely low cost things that could have been done to investigate some of these issues beforehand. It's a shame, but probably best just to consider it a cautionary tale.|
by Frinklin on 5/13/2008 @ 10:00pm
|While we never want to see a local restaurant fail, I think we've neglected to mention one important thing: This place wasn't any good.. Mediocre, bland Mexican food and a truly weird blues-inflected ambiance do not make for a success. Who knew?|
by Adam the Alien on 5/13/2008 @ 10:44pm
|I started typing a response to this earlier, but it got so long that I just made it a blog in its own right on my own account.|
by ensie on 5/13/2008 @ 11:26pm
|Bummer. I second my husband's sentiments that while one never wants to see a restaurant fail, this one had a weird premise and not much to make it stand out. I wasn't terribly impressed by my one visit there, but wish the folks who took over the best of luck in their future endeavors.|
by Adam the Alien on 5/14/2008 @ 12:52am
|Crap. I changed the subtitle of my blog to reflect that it's from the perspective of someone who delivered into the place every week, and that altered the link. Now the above link is incorrect.
Here is the correct link to the entry.
Although I have another home on the web I thought it might be nice to lead by example a bit and put this blog system up to the test myself.
So far, so good... Funny how I build web tools for other people that are far better than the one's I have setup over on KFnet.
Hey Clear Channel, Clean Up Your Crap!