Just two short months after a Triangle Business Journal report focused on the monetary losses of Raleigh's taxpayer subsidized "white tablecloth" restaurant, The Mint, signs of more trouble come today in a report that the head chef, pastry chef and Director of Operations have all left the flailing restaurant.
In October, TBJ reported that the restaurant was bleeding money despite $1 million in renovations paid for by the city and free rent for a year:
reported period, was down by nearly 14 percent from the month prior.
The bottom-line loss widened from $48,771 in July-August to $51,159 for
the August-September period. For the year, the restaurant’s net loss is
$329,695 on revenue of around $1.2 million.
Not to call myself a Delphi-like oracle but, back in January, I wrote:
come back to the City Council and threaten to shutter their doors due
to lack of customers? The City does know the failure rate of new
restaurants, right? Will the Mayor and his cronies (well, except
Isley) pony up some more cash to keep them afloat?
Looks like that time is actually coming real soon if Mayor Meeker wants to keep his show pony.