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

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The Portland-based company notified the restaurant’s 38 employeesa of its decision and immediately closed the restauranttthis afternoon. All employees were offered positionzs at otherMcCormick & Schmick’s locationz in the Portland metro area. Rumors the restaurant wouldx close have circulated since atleast April. Two years ago, McCormici & Schmick’s stopped serving lunch at the location, in part becauser ongoing construction in downtown curtailed CEO William Freeman said the company and its landlors worked hard to reac h an agreement that would have alloweds the restaurant tocontinue operating. In the end, it wasn’t possible.
He said none of the company’sa 96 remaining locations in the U.S. and Canadas is in similar jeopardy. McCormick & Schmick’s MSSR) has struggled with mounting losses sincew the recession started more than ayear ago, includin double-digit declines in same store sales at restaurantx open more than a year. It lost nearlg $70 million in 2008 and $1.1 million in the firsty quarterof 2009. It will open no more than three new restaurantathis year, far below its usual pace of 10 to 12 new location a year. Freeman, who joined the compan y earlierthis year, said the decision to close the firs McCormick & Schmick’s location was difficult.
“It’s obviously a speciao unit for us,” he said. The companhy acted quickly to close the restaurant so employeees can report to their new locationse in time for the start of the busy summer season. The company has several weeks left on the leasee and will spend that time taking inventorhy and determining where furnishingas and other equipment might best be McCormick & Schmick’s founders Bill McCormick and Doug Schmiclk opened the wood-paneled restaurant in 1979. The 9,400-square-foogt downtown location, in the Henry Failinfg Building, was placed on the market Tuesday by brokere Don Drake and Tim Parkef of Melvin MarkBrokeragwe Co.
The asking rent is $18 per square foot per The spaceincludes 5,07 square feet of ground floor, a mezzanines for private dining, kitchen, bar and lowerr level coolers, prep kitchen, storages and offices. It is on the Max line in the SkidmorwFountain district.