A few months ago, rumors circulated that Berkowitz, whose grandfather founded the seafood business in 1950 as a fish market in Cambridge, Massachusetts, might sell the popular mid-priced chain that opened its first restaurant in 1968 to PPX Hospitality Brands, a new offshoot of Danu Partners. an Irish investment company based in Medford, Massachusetts. Although financial terms are not publicly disclosed, this transaction was closed today, both parties confirm. “People will continue to eat, but methods may change,” he adds. “There will always be room for restaurants. There may not be as much space for all the restaurants as we had before. What does this mean exactly? Berkowitz says he`s not yet ready to discuss specific ideas to the law for the future, but he says he`s working on a new venture called Nitro-Fresh, which will freeze and ship restaurant-quality seafood directly to private consumers. A complaint came from Martignetti Grocery Co., which said it owed $48,000 for alcoholic beverages. Another was filed by the owner of the now-closed legal restaurant at Faneuil Hall, AAFC Fan Hall Realty, who said he owed $333,000 in rent. One-third came from DeVito Verdi Inc., Berkowitz`s longtime advertising agency in New York, which said it owed nearly $628,000. This will be a sea change for the popular seafood chain, which remains a family business under current CEO Roger Berkowitz. The Terms of Sale cover all Legal Sea Foods restaurants as well as a 70,000 square foot food processing facility and food safety laboratory. However, the Berkowitz family will retain control of an online business that sells seafood online and will continue to operate under the name Legal Sea Foods.
PPX Hospitality Brands will add restaurants it wants to keep their names to its other properties, including an international steakhouse chain, reports Undercurrent.6254a4d1642c605c54bf1cab17d50f1e In 1950, Harry Berkowitz opened the Legal Cash Market grocery store in Cambridge, MA, and 18 years later, his son George opened a seafood restaurant next door. Over the next 50 years, Legal Sea Foods expanded to nearly three dozen locations primarily focused on the Northeast, with several restaurants in Massachusetts and some as far away as Washington, D.C. and northern Virginia. The high-end seafood restaurant chain took to Facebook on Thursday, informing customers that they would be closing the Burlington location for renovation. and urged them to visit the sites of Peabody or Lynnfield in the meantime. BURLINGTON, MA — Legal Sea Foods in Burlington will be temporarily closed for renovations from Aug. 1 until an unknown date this winter. I was told that when the deal with PPX was finalized, the directors and officers of Old Legal resigned and – as agreed by the seller`s, buyer`s and secured creditors` lawyers – Jalbert was appointed as a sole director and director of the shell company. This second lender then excluded Old Legal`s remaining assets, which Jalbert did not disclose. Legal Sea Foods is still set to hold its tenth annual oyster festival from September 13 to October 10 at its remaining locations. Several Legal Sea Foods restaurants have recently closed, including six permanently during the COVID-19 pandemic. Today, the restaurant`s website lists 28 active locations (at its peak in 2018, the chain had 35 seats), all of which are expected to be sold to investment group PPX Hospitality Brands in the coming days, the Boston Globe reports.
We are temporarily closed for renovation. We look forward to seeing you at our BIG reopening! I have not noticed anything that could probably generate assets that would benefit general unsecured creditors. I still believe that patience is the best approach. Good luck in this new year and stay healthy. The company is pursuing its lawsuit against insurer Strathmore, which rejected the restaurant company`s claim for significant losses due to COVID-19. Burlington Mall gets a makeover! During this time, our Burlington location will be temporarily closed for renovation. We will be back this winter – so you can come back for the seafood and stay for shopping. “The recent pressure that COVID-19 has put on the restaurant industry has been enormous and almost impossible to manage alone,” Kim Giguere-Lapine, PPX`s chief marketing officer, said in a statement about the acquisition of Legal Sea Foods. Berkowitz declined to comment on the story, but its spokesman, George Regan, sent a statement: Although Dublin-based Danu Partners operates in a few different industries, including Irish radio and international sports television, its PPX hotel industry focuses “exclusively on New England businesses,” according to its website. I think Berkowitz did his best for the Legal sellers, but his hands were tied. In a letter of intent in July, funds were allocated to them, I was told, and Legal had payment plans in place that would have made them complete.
But there was not enough money left in December. Rockland and Seacoast`s claims took precedence over those of liquor owners and retailers. I assume that Seacoast hoped to recover at least some of Legal`s former debt by liquidating those assets. The company released the following statement to Eater on Tuesday: It`s the end of an era for one of the biggest restaurant names born in the Bay State: Legal Sea Foods has been sold, closing a special chapter for more than 25 family-owned East Coast locations since its inception 70 years ago. “The world of restaurants will shrink. There will be fewer people choosing to eat out as regularly as before. It makes sense to have a smaller footprint,” Berkowitz said. Larry Edelman can be reached at email@example.com.
Follow him on Twitter @GlobeNewsEd. Danu laid the foundation for this regional subsidiary with the first acquisition of Boston-based steakhouse chain Smith & Wollensky in 2016. Then, in early 2020, PPX took a bite out of restaurateur Nick Varano`s glittering Italian restaurant empire and bought most of his Strega restaurants. Strega President Nicholas Foley joined PPX to oversee this new division. Similarly, Ann Marie Escobar, Chief Legal Officer, will now lead PPX`s legal operations. The Washington Business Journal first reported on the potential closure on Tuesday, and an employee at the first-tier Tysons Galleria restaurant told Eater that the site was ending because its “lease has ended,” adding that the other locations in Chinatown, Reagan National Airport and Crystal City, Virginia, will remain open. Its modernized sister branch, Legal Sea Bar, arrived at Union Station this summer. Of course, it was a bittersweet decision for Berkowitz to take a good trip to his legal restaurants. After all, he roasted fish at his grandfather`s home market when he was 10 years old and stood on crates of milk to reach the counter. But he says he`s also excited to return to those retail-focused roots, establish a greater presence for Legal in that regard, and offer his sons the opportunity to steer new directions for the family business. The chain decided not to renew leases for its restaurants in Crystal City, Virginia, and 704 7th Street Northwest in Washington, District of Columbia, Berkowitz said.
In response, Legal is focusing on retail and e-commerce opportunities during the pandemic, he said. “The airport authorities were excellent owners. We wanted to open a little earlier at Reagan National, and they suggested waiting until November, when the plans will be in place,” Berkowitz said. “Airlines will probably be the last to go up, but they will be strong – maybe with less business travel, but more holiday travel.” Legal has now opened 13 locations, including two airport restaurants.