Olea Restaurant in the Pearl has closed. Employees showed up to work today and found the doors locked. There were rumors of problems a few months ago, but when I contacted owner Richard Glass, he had no comment. Don’t know any more at this time.
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That is sad. I liked that place. Well I only went there once, but I liked it when I went.
I liked it too. It was a huge space so I imagine the rent was pretty steep.
The burned through their credit line. There are going to be many other surprises in the coming months.
Was this really a surprise?
Tell us more, pdx_banker!!! Me love juicy gossip. Though I never visited, I’ll admit the food on their website looked LOVELY.
Like banks actually lending a few stimulation $ to some businesses from the billions they’ve been glad-handed recently?
I always loved this restaurant. Some of the best food and service I have had in the city. It compared to high-end French experience that I have had in the past. It is a tragedy to a failing economy in this city. I wish the owners the best because I know that they are very good people and always treated us amazingly.
Unfortunately this doesn’t come as a great surprise. The past couple visits there, the place just didn’t have enough customers to put together a good night. Olea should have survived. The sad truth is that a lot more good restaurants will fold in the coming months unless the public gets out and supports them. The fact is that most restaurants have a rent structure simply doesn’t match today’s economic reality. If we want the independents to survive, it’s essential that we all stop hunkering down and start going out to eat again. I’m not suggesting breaking the bank, just saying that if you want these owners, chefs, servers, dish washers, food vendors, etc. to survive, we have get support them. Portland’s an awesome town because of the “little” guys. Think of it as good karma or just good business.