Seafood Restaurant Oceanaire Files Bankruptcy

by Spence Cooper on 09/07/09 at 5:57 am

Oceanaire Files for Bankruptcy

The seafood restaurant chain Oceanaire Inc. filed Chapter 11 bankruptcy and closed four of its 16 restaurants. The closed restaurants are in Cincinnati, Philadelphia, Seattle and Charlotte, N.C.

The Houston Business Journal reports the Minneapolis-based upscale seafood restaurant chain, which has one restaurant in Houston at The Galleria, said it had reached an agreement with secured lenders for a restructuring plan “that will substantially improve the cash-flow generation of the company.”

The company listed assets and debts of between $10 million and $50 million. Many of its restaurants have seen a drop in sales, according to filings.

Nancy Leson for the Seattle Times writes: When the Oceanaire Seafood Room unlocked its stately revolving glass door on the corner of Seventh and Olive in January, 2002, patrons and critics alike (present company included) embraced the steakhouse-style fish-focused concept, the third for a Minneapolis-based chain. Known for a menu featuring 30 types of fresh seafood — much of it flown in fresh twice daily — it was an instant hit in a city where homegrown seafood restaurants are a dime a dozen.