This much is certain: The family-owned Greek restaurant, Santorini has shuttered. Whether there will be a future for the spot remains in question. On August 4 the company updated its Facebook page to announce the closure and ask fans to stay tuned for news from the new owner. However, the Minneapolis/St. Paul Business Journal reports that the sale might be in jeopardy.
The company that owns the restaurant, Santorini Y Not, has filed for Chapter 11 bankruptcy. As a part of the liquidation, the restaurant was to be sold to Margaret Liao. Liao told the Business Journal that the sale only has a 50% chance of actually happening.
Santorini's founder, Bill Nicklow, died after a fall last September. The corporation that ran the restaurant had been led by Anthony Nicklow, who reportedly signed on to consult on running the business with the new owner.
The company will need to continue to unravel the debts left behind, which are listed between $1 million and $10 million along with assets in the same dollar range.