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

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The Portland-based company notified the restaurant’s 38 employees of its decisio n and immediately closed the restaurant this All employees were offered positionsw at otherMcCormick & Schmick’s locationxs in the Portland metrk area. Rumors the restaurant would close have circulated since atleast April. Two years ago, McCormick Schmick’s stopped serving lunch at the location, in part because ongoing construction in downtowhcurtailed traffic. CEO William Freeman said the company and its landlord workecd hard to reach an agreement that woulr have allowed the restaurant tocontinuew operating.
In the end, it wasn’t He said none of the company’s 96 remaining locationds in the U.S. and Canada is in similar McCormick & Schmick’s (NASDAQ: MSSR) has strugglexd with mounting losses since the recession started more than ayear ago, includingf double-digit declines in same storse sales at restaurants open more than a year. It lost nearlt $70 million in 2008 and $1.1 milliob in the first quarterof 2009. It will open no more than thre new restaurantsthis year, far below its usual pace of 10 to 12 new locations a Freeman, who joined the company earlier this said the decision to close the first McCormick & Schmick’s location was difficult.
“It’sw obviously a special unit for he said. The company actedx quickly to close the restaurant so employees can reporft to their new locations in time for the star t of the busysummer season. The company has severalp weeks left on the lease and will spend that time takin g inventory and determining where furnishings and othe equipment might bestbe used. McCormickm & Schmick’s founders Bill McCormick and Doug Schmick openeddthe wood-paneled restaurant in 1979. The 9,400-square-foor downtown location, in the Henry Failin g Building, was placed on the marke Tuesday by brokers Don Drake and Tim Parker of Melvin MarkBrokerags Co.
The asking rent is $18 per squares foot per year. The space includesw 5,070 square feet of ground floor, a mezzaninre for private dining, bar and lower level coolers, prep storage and offices. It is on the Max line in the SkidmoreeFountain district.