Lincolnshire's Kona Grill restaurant closes as chain faces possible sale, bankruptcy
With the company reportedly facing financial problems and bankruptcy, the Kona Grill restaurant in Lincolnshire abruptly closed this weekend.
The Asian fusion restaurant had operated since 2006 at 940 Milwaukee Ave., in a free-standing building within the Lincolnshire Commons shopping center. As of Monday, the location is no longer listed on the Arizona-based company's website.
A Kona Grill in Oak Brook was serving customers Monday, according to an employee there.
Lincolnshire officials learned of the restaurant's demise Sunday. A sign posted on the building says the business is permanently closed.
Village administrators have not formally been notified by Kona Grill Inc. of the closure. However, the company had not sought to renew the eatery's liquor license, which expires Tuesday, Village Manager Brad Burke said.
A company representative couldn't be reached for comment.
Kona Grill Inc. is looking for a buyer to avoid a possible bankruptcy protection filing, according to the Phoenix Business Journal. It has defaulted on loans, the Business Journal reported, and last week the company's shares were delisted from the Nasdaq Global stock exchange after it did not pay its annual fee.
Kona Grills operate in Indiana, Michigan, Florida and many other states. However, several locations have shuttered in recent days, according to news reports.
With those issues in mind, village staffers spoke with the Lincolnshire Commons owner and a real estate broker last week about the restaurant's status, Burke said.
“With the official closure of the restaurant, staff will be talking with both parties again about the future uses for the building,” Burke said.
Kona Grill was the only business to ever occupy the 7,250-square-foot building in Lincolnshire, said Tonya Zozulya, the village's planning and development manager.
Other businesses in the shopping center, which is on the northwest corner of Aptakisic Road and Milwaukee Avenue, include a Cheesecake Factory restaurant, Chipotle Mexican Grill and Chico's.
“It is always a shame to see a restaurant or any other business close,” Zozulya said.