The No Name Restaurant on Fish Pier announced tonight it's closed for good - hours after it filed for Chapter 7 bankruptcy, with documentation showing its two biggest creditors are the city of Boston and Massport:
After over 100 years, we had to make the difficult decision to close the No Name Restaurant.
We want to thank our generations of customers for all the years of loyal patronage, and for helping make the No Name a landmark location.
To our employees, many of whom have been with us for decades, we cannot thank you enough - we thank you for your tireless dedication and hard working service.
One employee told WCVB workers were called in for a meeting tonight and told the restaurant was closing and they'd get a week of severance pay. According to the restaurant's bankruptcy paperwork, filed today in US Bankruptcy Court in Boston, the restaurant withdrew $9,900 from its bank account to give employees their final pay in cash today.
It's the latest in a string of landmark Boston restaurants to shut down of late, for example, Doyle's and Durgin-Park.
Earlier today, the No Name, owned by Katerina Contos of Wellesley, filed for Chapter 7 bankruptcy - the irrevocable kind in which the company is liquidated and any cash remaining used to pay off creditors - in federal Bankruptcy Court in Boston.
The restaurant listed assets worth about $213,000 - most notably a Boston beer, wine and liqueurs license, which the restaurant estimates it could get $140,000 for. It added its lease for its space from Massport at the Fish Pier, which runs through 2024, "may have significant value," but it did not put a dollar amount on that. After paying employees for the last time, the restaurant reported it had $5,900 in cash on hand.
It listed debts of $422,000 and says it owes about $93,000 to the city of Boston and a similar amount to Massport. Also possibly facing losses from dealing with the restaurant are a number of local and Maine-based seafood suppliers, including James Hook & Co., owed $23,000; John Nagle Co., $20,000; and Maine Coast Shell Fish, $27,000.
According to its filing, the No Name grossed $3.2 million in its 2017-2018 fiscal year, but $3.1 million between Nov. 1, 2018 and Oct. 31, 2019.