When Epicure moved across the river to the Lloyd location, they did so with a new investor. Everything looked promising; new larger space and a much higher traffic location. They were excited to have a bigger kitchen, which would give them the room to expand their menu offerings. Then came a crushing blow: within 30 days of taking over the new location, the investor left the business, and took all the money with him. They then learned the money he was using was stolen from the investors employer. shortly thereafter, Epicure was named in a lawsuit by that employer, in an attempt to collect on the money that had been stolen. They were left running the business in the much larger location on their own very limited funds.
Matt, a co-owner “freely admits that some employees have had bounced checks from the last full payroll, and they were only able to give out partial payments on the most recent payroll. They are doing everything possible to fund those checks, and have provided the employees with information on how to collect the unpaid portion through the Worker Security Fund, as well as information on how to collect unemployment as quickly as possible.”
Obviously lessons have been learned. As Matt says, “I think its a very good example of how not to run a business. Were we to do it over again, we would have waited, saved the money from the old location and got a traditional loan…
For those wondering why we didn’t get out before it got bad, well…
Once the lawsuit hit, it created an unquantifiable liability that prevented us from getting financing from traditional sources, selling the restaurant or working with a different investor. Until we could show that we had settled or been cleared, our hands were tied. Unfortunately with [a very large amount of money] on the line, the investor’s employer isn’t in the mood to be nice.”
From his communications with me, Matt seems like he’s really trying to deal with a huge mess. I wish him and his employees the best of luck.
Thanks FoodDude for helping to set the record straight. If, at any time, we were not receptive to other’s input, I apologize. The past eight months have been very difficult and we would like people to know that we tried as hard as possible to put out the level of food and service people had come to expect of us at our old location. We would never have made it as long as we have without the support of our dedicated staff to which we are very sorry and forever grateful.
If anyone needs some of the best restaurant staff in Portland, please email us at info@epicurerestaurant.com so we can get our staff back in action as soon as possible.
Sorry Charlie to hear about the loss of the restaurant. Hope things shake out for the better and keep us up to date with your future plans. (Sorry about the pour starkist reference)
Matt’s story about the loss of investor funding may be true, but he’s making the restaurant out to be more than it was. Despite knowing that they were on the downward spiral and doomed to close their doors they still treated their employees horribly, going as far as to blame them for the demise of the business. Charlie can cook, there is no doubt in that–but that’s all for not if you’re got no business sense to back it up.
Looks like there’s taker for this space — windows are now papered over with signs pronouncing the arrival (when?) of Broadway Grill & Brewpub, or something like that.
Owned by the folks at The Old Market Pub & Brewery.
Since I’ve lived in Portland (two years this month), there have been three restaurants in that spot. It’s quite a large space, and though one would think all the foot traffic on Broadway would support it, this has not been the case. I wish B’way B & G better success, but will add that I think an Elephant’s or something of its ilk would work fantastically here. The neighborhood (my neighborhood) could truly use (and I think would support) a high (but not too) end specialty food store.
The Hollywood Star paper says that the bottom floor of the new-ish condo complex a block west has plans for just such a place, Nancy. Let’s hope so — I completely agree that we need it!
What about Foster and Dobbes? I would consider that the same neighborhood. Or are you thinking more of and Irvington Market store. It was in the neighborhood for awhile, but apparantly didn’t work either.
I think the problem with/for Irvington Market is that there was virtually no parking, just a few metered spots right in front.
As for the space in the “1620 Broadway” building, I thought a Pet-Co (of all things) was going to go in there? Can someone clarify the article from the Hollywood Star–are they saying such a market is likely, or merely possible?
Here’s some of the brief piece, from the ‘Development news’ column:
‘1620 Broadway: According to principal organizer Rick Gustafson, a group of condo owners & nearby neighbors have reached an “earnest money agreement” with developer Alan Kravitz to purchase 12,900 sq ft of retail space on the ground floor…The group hopes for something like the multi-tenant Holladay or Irvington markets of old…If all goes well, there may be something open for business by next spring.
…
Condo owners became upset when word was received that most of the space would go to a PetSmart outlet. They now want to be able to control what happens in their building and their neighborhood.’