My wife and I were very sad to learn that a popular Greek restaurant in our hometown was closing in a few days. As you can see by the trip advisor ranking below, this was a restaurant that was well-regarded and liked. Why was this business not sold? They had significant brand equity and a loyal following. The business may not have sold for one million dollars, but someone would have been willing to pay several hundred thousand dollars just for the name and location.
I will do some research and see if I can find the real reason the business was abandoned, but my guess is that they tried to sell the business for too much money and then health concerns kicked in (as was mentioned in the business journal article). Then they just had to call it quits abruptly. I am sad that a great restaurant is closing, and it’s a personal tragedy for the owners walk away from seventeen years of hard work.