The landmark steakhouse in Latham, N.Y. closed its doors after 58 years in business, a factor due mainly to a dwindling customer base.
“The economy got us. We probably tried to keep it alive for a year too long,” said John Adams, who bought the steak house with his wife, Sue Adams, in 1992.
The couple plans to sell the restaurant equipment for cash. The property, which sits on one acre at 959 New Loudon Road, is listed for $925,000.
“We’re stretched out. We poured everything we had into this property,” John Adams said.
He said he’s not sure yet if bankruptcy will be necessary.
80% of bars and restaurants fail within the first year in business. 95% within the first five years.
Service jobs can only survive and thrive in communities in which there are high paying and permanent career positions from which employees earn expendable income. In locations in which such employers establish operations, the service jobs follow.
A business development model that focuses on creating low paying and temporary service jobs (e.g., restaurants, bars, retail, etc.) devoid of employment that increases the standard of living of the community is akin to "putting the cart before the horse". Schenectady county government needs to focus on attracting businesses in technology, manufacturing, and industry if we are to increase the tax base, increase employment, and elevate property values.
The former ALCO site on Erie Boulevard should be developed as a Technology Park, not residential housing. There is an excessive inventory of homes available for purchase in the City of Schenectady and Schenectady County. Our community and government leaders should solicit investment from business owners who are located outside of the county and the state and cease the practice of relocating businesses from one municipality in the county to the city. Continuing the "shuffle" yields a net zero result.
80% of bars and restaurants fail within the first year in business. 95% within the first five years.
Interesting statistic.
Guess we're fortunate to have places like Petta's, Kirkers, Ferrari's, Alteri's. Family run, family funded businesses. Those that don't take anything from the Metroplex slush fund.
The statistics were provided by the Instructor of a recent Commercial Real Estate course that I attended. He has many years in the commercial RE market.
This explains the "thinking" of Death Rayof infamous Metrograft? Invest taxpayer millions in governmental gin mills and eateries and maybe one of them will open up?
Also explains why Jon Craig Surprise is way out of bounds raising 150+ commercial bizness assessments in Rotterdam. Does he have a frickin clue? Ask John's Auto and Rudy Gabriele what they thinks of Jon Craig. The demise of the Rotterdam GOP is upon us!
We haven't had a chance to go to Kirkers in quite a while. But we went there for years. We always knew we would get a great steak dinner there. And we did every single time.
Kirkers was the best. Great service and a steak cooked just the way you ordered it. We'll miss it for sure!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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This explains the "thinking" of Death Rayof infamous Metrograft? Invest taxpayer millions in governmental gin mills and eateries and maybe one of them will open up? 
