Did Longtime Hayward Restaurant Have To Close So Abruptly?
On behalf of The Law Office of Lynnette Ariathurai, A Professional Corporation posted in Sales & Dissolutions on Friday, June 8, 2012.
A successful small business is often one that its founders hope will continue for generations, leaving a legacy and making the family name a familiar one in the community. This was definitely the case for Banchero's Italian Dinners, a mainstay in Hayward, California, for more than six decades. However, Banchero's closed its doors for good earlier this week.
While Banchero's loyal customers -- some of whom have been eating there from the postwar days when the restaurant operated in a Quonset hut -- are mourning the loss of a local touchstone, the owners and employees will face a much more dramatic transition: the loss of a workplace and a business. The current owner, the son of one of the founders, will have to ensure all the steps to complete his business dissolution are in place.
Some people might wonder if the end of the restaurant had to come the way it did. The owner and his son, the second and third generations of the family to work in the business, told their employees about the plan to close down just five days before the final meal was served. One employee who had been with the restaurant for 46 years said he was shocked that it was closing.
The owner, for his part, said the building was in disrepair and that the business had struggled in recent years. He didn't say what other options he had considered, but closing the restaurant on short notice was likely not his only exit strategy. Attorneys who specialize in business structure changes might have been able to help come up with other business transactions options, such as bringing in a business partner, merging with another restaurant or selling the business -- if not the building, then the name and perhaps the menu of a place Californians have visited for generations.
Source: Hayward Daily Review, "Banchero's Italian Dinners in Hayward closes," Rebecca Parr, June 6, 2012