Nick's Fishmarket closes in Loop
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(Crain’s) — Venerable downtown seafood restaurant Nick’s Fishmarket closed its doors over the weekend, blaming the economy and the “unwillingness of our landlord to help Nick’s through this recession.”
The high-priced restaurant, which two years ago celebrated its 30th anniversary in the Loop, closed its Chase Plaza location after serving dinner Friday night.
“It’s beyond heartbreaking,” says Nick’s owner Lee Suckow. “There were guys who worked there their whole lives, 30 years. It breaks my heart, but I did everything I could.”
Mr. Suckow says the restaurant, which had 60 employees and leased about 9,000 square feet on two levels at 51 S. Clark St., cleared out over the weekend. He says that in the spring he made a proposal to J. P. Morgan Chase & Co., which owns the building and acts as landlord, to restructure its lease but never made any headway.
The bank sued Nick’s over unpaid rent, and Mr. Suckow says the two parties have settled as part of the closing. The venture that owns Nick's downtown restaurant hasn't paid rent since May and owed more than $259,000 as of Sept. 21, when the bank filed an amended eviction complaint in Cook County Circuit Court.
The bank declined to comment.
“Due to the extremely difficult economic environment combined with an unwillingness of our landlord to help Nick’s through this recession, we are no longer able to keep our doors open,” Nick’s wrote in an e-mail announcement to its customers.
Nick’s will continue operating in Rosemont, at 10275 W. Higgins Road. Mr. Suckow says business has suffered as much there, but the Rosemont landlord has been amenable to lowering the restaurant’s rent.
“In this economy you need help,” says Mr. Suckow, who bought Nick’s early this decade. “We think (Rosemont) is going to work out. But it’s very tough to say when this thing is going to turn around.”
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The big banks just do not care about small business in Chicago any longer
11/2/2009 2:01:41 PM
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This is VERY SAD! I always enjoyed Nick's and it was not only a great restaurant but a fun place. Let's see LaStrada is no more and I can't even count how many more have gone. And I hear that more restaurants and clubs are on the skids and just trying to get through the Holidays.
When will the banks, landlords, and government get it that you can only bleed people and businesses so much. In this bad economy you would think that they would do everything they can to lower regulations, taxes, and rents to help the struggling business owner.
When will the banks, landlords, and government get it that you can only bleed people and businesses so much. In this bad economy you would think that they would do everything they can to lower regulations, taxes, and rents to help the struggling business owner.
11/2/2009 2:06:10 PM
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Mark I really question that those blood suckers ever cared about individuals and small business - except when it comes time for the taxpayer to bail them out! I say NATIONALIZE THEM, NATIONALIZE THEM ALL!
11/2/2009 2:07:34 PM
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My first meal at Nick's was 1980 the year I moved to Chicago. It will be missed.
11/2/2009 2:49:02 PM
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Chase is a typical NEW YORK Operation and acts as such. Why should people in THe CHicago area patronize Chase of their affiliated CC''c
11/2/2009 3:25:09 PM
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I asked my wife to marry me at Nick's back in 1994....and we still head downtown for dinner there once in a while....When I worked downtown, I used to enjoy lunch at Nick's a couple times a month. It is really short-sighted of the landlord to not try and work a deal with Nick's to carry it through the tough times...Now they will get a settlement and likely no rent for a while....Seems like they could have done a long-term escalating deal that would have given Nick's a little relief right now and would have let it survive...Nick's you'll be missed
11/2/2009 3:30:32 PM
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In fairness, how many consumers/customers are eating lobster these days? This article doesn't indicate that Nick's also offered a recession special seafood dinner to patrons in order to bring in more business. If any of us lost our jobs, how long could we go w/out paying rent to our landlord?
11/2/2009 3:32:10 PM
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Did Nick's ever consider cutting prices? It was a classy joint with great food, no question -- and prices to match.
11/2/2009 3:33:40 PM
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Is the Pump Room next? Then all the great restaurants? Imagine New Orleans without its restaurants or jazz clubs. That is what is happening to Chicago! Every time one of these "institutions" goes under there is less reason for out-of-towners and their bucks to come here.
Let's face it, if they want any run-of-the-mill corporate restaurants they can go to their local strip mall. Unique, indivually owned and operated restaurants can not be duplicated. They are the ambiance of a city and every time we lose one of them we lose a little bit of our city soul.
Let's face it, if they want any run-of-the-mill corporate restaurants they can go to their local strip mall. Unique, indivually owned and operated restaurants can not be duplicated. They are the ambiance of a city and every time we lose one of them we lose a little bit of our city soul.
11/2/2009 3:37:13 PM
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Recently Nick's started to feel like an anachronism. Even before this recession, while the upstairs would be packed with the after-work crowd, the pricier downstairs dining room was usually deserted.
The last time I ate downstairs I left feeling like I'd grossly overpaid for something that was quite simple.
Nick's was showing it's age. I'm not surprised to see it go, I feel bad for the employees. I hope whatever replaces it manages to change with the times.
Let's remember - there are plenty of pricey Chicago restaurants with expensive real-estate that do quite well. It's a sham to blame the economy when the real problem is that your customers actively avoid the place.
_Am
The last time I ate downstairs I left feeling like I'd grossly overpaid for something that was quite simple.
Nick's was showing it's age. I'm not surprised to see it go, I feel bad for the employees. I hope whatever replaces it manages to change with the times.
Let's remember - there are plenty of pricey Chicago restaurants with expensive real-estate that do quite well. It's a sham to blame the economy when the real problem is that your customers actively avoid the place.
_Am
11/2/2009 3:45:39 PM
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No loss. Nick's was not a 'great restaurant' - never mentioned in any meaningful discussion as a top-tier Chicago restaurant. They catered to out-of-towners and locals who are impressed to pay $100 for a meal and equate price with quality.
11/2/2009 3:59:32 PM
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Thanks AGAIN Chase for:
1. Putting 60+ people out of work.
2. Losing sales tax revenue for the city.
3. Losing income tax dollars for the US
4. Putting suppliers/vendors out of work.
5. Opening up MORE useless real estate in the loop.
6. Being a big greedy bank/landlord now that the Gov't saved you from losing YOUR company.
7. Hopefully all 60 employees and Nick's Fishmarket were Chase customers and are closing all of their accounts like I am going to do today.
John Pierpont Morgan must be spinning in his grave watching the greed that has infected his company.
Thanks Chase,
Another Closed Account
1. Putting 60+ people out of work.
2. Losing sales tax revenue for the city.
3. Losing income tax dollars for the US
4. Putting suppliers/vendors out of work.
5. Opening up MORE useless real estate in the loop.
6. Being a big greedy bank/landlord now that the Gov't saved you from losing YOUR company.
7. Hopefully all 60 employees and Nick's Fishmarket were Chase customers and are closing all of their accounts like I am going to do today.
John Pierpont Morgan must be spinning in his grave watching the greed that has infected his company.
Thanks Chase,
Another Closed Account
11/2/2009 4:01:50 PM
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Contrary to what Andrew M wrote that there are many pricey Chicago restaurants that do quite well, that is just not true. Survival is the goal at this time.Turn the inventory and keep your employees working , not profits. Even the Steak Houses are discounting and getting away from the ala Carte formats that they have always had.
Lettuce Entertain You is reaching into their marketing bag to offset across the board declines and they are the most savvy operators in our City.
It is tough in the fine dining sector. If it is not declining guest counts it is declining check averages , which both result in less money to pay the same bills.
There have been several fine dining projects dropped in the last year . Their is a lot of formerly prime spots sitting tenantless. Every time I walk by Grand and Dearborn, I see that space that has 2 great multimillion dollar buildout restaurant groups in it and is empty again.
Sad for the owners, sad for the employees, sad for the suppliers and sad for the City, State and County tax picture.
Lettuce Entertain You is reaching into their marketing bag to offset across the board declines and they are the most savvy operators in our City.
It is tough in the fine dining sector. If it is not declining guest counts it is declining check averages , which both result in less money to pay the same bills.
There have been several fine dining projects dropped in the last year . Their is a lot of formerly prime spots sitting tenantless. Every time I walk by Grand and Dearborn, I see that space that has 2 great multimillion dollar buildout restaurant groups in it and is empty again.
Sad for the owners, sad for the employees, sad for the suppliers and sad for the City, State and County tax picture.
11/2/2009 4:02:34 PM
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Seriously, no one here, regular readers of Crain's, knows that the next shoe to drop will be commercial real estate? For just this reason? The rents were set based on future expectations, not on current realities. And now current reality is nowhere near what it was even just one year ago.
Too much debt on the landlords' books for them to give on rent...until they're forced to do so by their own creditors.
Too much debt on the landlords' books for them to give on rent...until they're forced to do so by their own creditors.
11/2/2009 4:02:51 PM
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While I understand John C's frustration of this economy hitting places that were once Chicago institutions, I'd caution about the public passion to 'Nationalize' anything. Whenever you want to get an idea of what a government-run industry might look like, think of the US Post Office. Do you want your bank to be run like that? It will - if people discouraged with the current economic cycle act and vote with their frazzled passions, instead of thinking and acting out of intelligence and deliberation.
This caution would have been unnecessary last year, but the current Federal Government's response to what is really a normal economic cycle has been so frighteningly and disproportionally activist in interfering with Free Market forces to correct it, rational voices have to start making their voices - and votes - noticed again.
Otherwise, all kinds of Post Office-like run industries will be coming your way...
This caution would have been unnecessary last year, but the current Federal Government's response to what is really a normal economic cycle has been so frighteningly and disproportionally activist in interfering with Free Market forces to correct it, rational voices have to start making their voices - and votes - noticed again.
Otherwise, all kinds of Post Office-like run industries will be coming your way...
11/2/2009 4:06:07 PM
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I agree with the earlier post, I found the food to be average at best and downright bad at times, and always overpriced. Service was spotty and very inconsistent, there are 100s of better options downtown. The bar was usually packed, I am surprised they didn't try to stay open in a smaller capacity, criticize Chase all you want, I bet they find a willing tenant to pay rent and soon.
11/2/2009 4:11:12 PM
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I'm amazed at the posters bashing JP Morgan for having the temerity to expect rent from the leaseholder. Yes, they will get nothing (until the space is rented), but they weren't getting paid anyway.
"You have the PRIVILEGE of strength, but I -- I have the RIGHT of weakness! That's a moral absolute!"
-- "Atlas Shrugged," by Ayn Rand
"You have the PRIVILEGE of strength, but I -- I have the RIGHT of weakness! That's a moral absolute!"
-- "Atlas Shrugged," by Ayn Rand
11/2/2009 4:15:00 PM
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The cold hard facts are that most people are not going to eat out as much and most businesses are tightening the "meals & entertainment" budget. So for a restaurant to survive/thrive they need to offer a creatively diverse menu, great value, great service and ambiance. Miss anywhere and the consumer will let you know by taking you off of their short list. There are restaurants thriving in Chicago, and it is still a city with great restaurants. Fat, dumb and happy is no way to run a business in this economy.
Once again the natural instinct is to blame someone else, but in the end, someone at Nick's put the ink on the lease, and someone at Nick's did not have a recessionary plan in place. And in the end, someone at Nick's had to make a tough decision. Have we forgotten everything that business school has taught us?
Once again the natural instinct is to blame someone else, but in the end, someone at Nick's put the ink on the lease, and someone at Nick's did not have a recessionary plan in place. And in the end, someone at Nick's had to make a tough decision. Have we forgotten everything that business school has taught us?
11/2/2009 4:18:48 PM
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Business school is just that nowadays - BS! I used to be a "free-market" Republican who believed in "market efficiencies" and "entrepreneurship" and that capitalism was the only way. After Reagan and the "Republican Revolution" and its corruption by George Bush and crew I think it will go down in history as another failed economic system like communism.
Folks, you gotta face reality, with capital controlled by a few elite mega bankers who have total and complete contempt for their customers; a small businessman has less-and-less of a chance; particularly in this city.
What we have here is out-of-control government and regulations that are fostering a totally bizare economic system that is neither pure capitalism, socialism, communism or anything resembling classical economic structures. I would put it more of the basis of "jungle capitalism", "ganster capaitalism","oligarchy capitalism" where capitalism is loosely defined as what the hell the strong and powerful can get away with!
Folks, you gotta face reality, with capital controlled by a few elite mega bankers who have total and complete contempt for their customers; a small businessman has less-and-less of a chance; particularly in this city.
What we have here is out-of-control government and regulations that are fostering a totally bizare economic system that is neither pure capitalism, socialism, communism or anything resembling classical economic structures. I would put it more of the basis of "jungle capitalism", "ganster capaitalism","oligarchy capitalism" where capitalism is loosely defined as what the hell the strong and powerful can get away with!
11/2/2009 4:58:16 PM
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Nick's was a has-been, but i feel sorry for the employees. But since when is it Chase's job to fix poor decisions by another enterprise? They are hardly to blame. I'd say 0% to blame.
11/2/2009 5:09:26 PM
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Soon the space will be filled with another Starbucks and cheap news stand.
11/2/2009 5:30:16 PM
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Gangster capitalism. I like that. It has a nice ring to it, and it rolls off the tongue more easily than socialism.
11/2/2009 6:06:50 PM
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I am sorry to hear that for the staff and also sorry that I have a $100 gift certificate I never used to Nick's! Aarrrggg!!!!!
11/2/2009 8:11:51 PM
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Always thought downtown joints good for drinking, but overpriced and awful food. Never forgot the worm in my salad at the Pump Room. Is it still there? Don't see how.
Never ate at Nick's and never cared to. Go to Greek town, or the neighborhoods far from downtown instead. for real food.
Never ate at Nick's and never cared to. Go to Greek town, or the neighborhoods far from downtown instead. for real food.
11/2/2009 11:34:56 PM
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For all those "Free Market/Atlas Shrugged" types out there in the blogosphere, let me know how "wasteful, inefficient and awful" our government is the next time you buy food or medication (expecting that what is on the label is actually in the package and safe to consume), or travel on an interstate highway, or enroll in Medicare when you reach 65-years of age.
Take a look at recent GAO reports documenting the waste associated with the Federal government contracting out services formerly provided by government employees.
By the way, Ms. Rand's fictional railroad baron's in Atlas Shrugged were only able to build their vast networks of steel on the back of enormous pubilc subsidies. Of course, in real life Ms. Rand loathed successful entrepreneurs and rarely associated with them.
11/3/2009 8:52:16 AM
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I think its tragic and Nick's was a part of so many peoples' past. When it first opened they had bartender's that could do magic tricks. Harris bank employees who went there have a lot of fond memories. I feel sorry for all the nitwits who criticize it; envy is destructive disease; keep trash talking everything that means something to others and you end up a bitter, cynical geezer.
I wrote two short stories that started out there with people I knew, 30 years ago. I'm sorry I didn't get to visit one more time.
To the critics above, screw you.
I wrote two short stories that started out there with people I knew, 30 years ago. I'm sorry I didn't get to visit one more time.
To the critics above, screw you.
11/3/2009 1:43:45 PM
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People need to separate JP Morgan Chase the bank and JP Morgan Chase the landlord, as they were in this case. If you rent an apartment and don't pay rent for six months do you honestly expect your landlord to agree to a much lower level of rent for you just to keep you living there? Of course not. No landlord does that. You don't pay for that long, you get evicted. Period. That's exactly what happened in this case. JP Morgan Chase the landlord was not getting paid and probably did not think that was going to happen anytime soon, so why not evict the bum and try to find someone who can actually pay?
As for the discussion of capitalism and whatnot, there are certainly faults and warts with that form of economic system, but the alternative - some form of government/central control over the economy - are so much worse that the belief that there is a better solution besides capitalism is just plain naive. Capitalism embodies what the human spirit is all about - life, liberty and the pursuit of happiness. That includes being able to make a lot of money but also losing everything if you make a bad decision. Is that really worse than delegating our lives to an 'elected' political establishment, with whom we've seen time and time again corrupt themselves with influence peddling and inability to deliver services to citizens in an efficient manner?
As for the discussion of capitalism and whatnot, there are certainly faults and warts with that form of economic system, but the alternative - some form of government/central control over the economy - are so much worse that the belief that there is a better solution besides capitalism is just plain naive. Capitalism embodies what the human spirit is all about - life, liberty and the pursuit of happiness. That includes being able to make a lot of money but also losing everything if you make a bad decision. Is that really worse than delegating our lives to an 'elected' political establishment, with whom we've seen time and time again corrupt themselves with influence peddling and inability to deliver services to citizens in an efficient manner?
11/3/2009 1:53:49 PM
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Nick's was a great place for happy hour. It will be missed!
11/3/2009 2:08:00 PM
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I was an employee of Nick's and it is truly sad that they have closed, not because of the filthy owners who did nothing to help this establishment, but for the employees who ran this place. I would say that at least 1/3 of the employees had at least 10years under their belts. There was about 10 employees who had been there for 30 years. Thank you for boosting the unemployment rate in ILLINOIS.
One person above stated that if anyone failed to pay their rent for 6 months the landlord will move your things out for you not lower your rent...THEY ARE CRAZy for thinking that would ever happen. I do hope that someone decent goes in that space and not starbucks or letting McDonalds take over that space...RIP Nicks. FYI Rosemont is going too. It is only a matter of time.
One person above stated that if anyone failed to pay their rent for 6 months the landlord will move your things out for you not lower your rent...THEY ARE CRAZy for thinking that would ever happen. I do hope that someone decent goes in that space and not starbucks or letting McDonalds take over that space...RIP Nicks. FYI Rosemont is going too. It is only a matter of time.
11/3/2009 5:45:22 PM
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If all the people lamenting the closure would have been regular patrons for Nicks the past year, they might not have closed!! Move on please..
11/4/2009 6:58:46 PM
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I think Nick's "closed" years ago when they moved into a McDonalds. The new place never did resemble the opulence of the original. Incessant filling of water glasses does NOT equal good service. I found it weird to be in nick's restroom and sharing the facility with sneaker clad tourists clutching sacks of big macs. I'll miss Nick's, but I've been missing it for years....
11/5/2009 5:45:45 PM
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Topper H:
What hole do you live in...Chase has a duty to its shareholders...not the government or a deadbeat restaurant that cannot pay its lease obligation.
What hole do you live in...Chase has a duty to its shareholders...not the government or a deadbeat restaurant that cannot pay its lease obligation.
11/7/2009 9:40:27 AM
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Let ALL THOSE WHO CONDEMN FREEDOM/CAPITALISM be the first to give theirs up!!!!!
yeah, thats what I thought
Capitalism is ONLY about the free trade of goods and services
THATS IT PERIOD
The moment a bribe is offered, a shady deal is present of anything that strays from an AGREED UPON deal of LEGAL nature between parties , IT IS NO LONGER CAPITALISM
So medicare etc would be GONE IF the government gave us our money back
Dont be fooled by those who say , See, no wants to give up their government ( taxpayer) entitlements
WE WOULD GIVE THEM UP IN A SECOND IF WE GOT WHAT THE GOVERNMENT TOOK FROM US IN THE FIRST PLACE OUR MONEY
yeah, thats what I thought
Capitalism is ONLY about the free trade of goods and services
THATS IT PERIOD
The moment a bribe is offered, a shady deal is present of anything that strays from an AGREED UPON deal of LEGAL nature between parties , IT IS NO LONGER CAPITALISM
So medicare etc would be GONE IF the government gave us our money back
Dont be fooled by those who say , See, no wants to give up their government ( taxpayer) entitlements
WE WOULD GIVE THEM UP IN A SECOND IF WE GOT WHAT THE GOVERNMENT TOOK FROM US IN THE FIRST PLACE OUR MONEY
11/9/2009 2:49:57 PM
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