As most people are now aware, Katz’s is going out of business after 31 years and a series of recent financial woes. This is bound to affect surrounding businesses as Katz’s has been a draw to that area for years.
Some of what Statesman.com had to say:
Marc Katz’s delicatessen, a West Sixth Street institution, is closing, after 31 years in business and two bankruptcies. Katz, whose company, M&M Katz Inc., has been mired in U.S. Bankruptcy Court since July, said the deli will shut down Jan. 2.
"I have to go," Katz said. "It has been 31 years. I want to leave while I am happy and suppliers and employees are taken care of. I just think it is time."
Katz informed workers at the restaurant a few weeks ago that it would soon shut down. "We rode so high for so many years. I just don’t want to do it anymore," he said.
That gives the restaurant one more Christmas Day in operation. For many years of its operation, Katz’s was known for being one of the few prominent restaurants in Austin that was open on Christmas Day. The all-night deli’s well-known slogan was "Katz’s Never Kloses."
The parent company to the deli first filed for bankruptcy in 2004, citing heavy debt payments to lender Amresco Commercial Finance and Katz’s son, Barry, who runs a separate restaurant in Houston. That case was closed in 2006, after Katz sold three properties to raise cash.
Read More: Statesman.com