King Street Wharf has seen some train wrecks over the years, but few match the speed and financial folly of The Hudson. With design and start-up costs of $2.5 million to $3 million, the restaurant has sunk after just six months. Last week a guard stood at the entrance of the restaurant, and it wasn't to protect customers or direct the concierge service.
Liquidator David Iannuzzi, of Veritas Advisory, says the landlord stepped in over back rent. Iannuzi confirmed $2.5 million is owed to creditors, including $400,000 to the builder and $300,000 to trade suppliers, although the restaurants' owners are also owed around $800,000.
The Hudson was inspired by the Boom Boom Room at the Standard Hotel in New York City, but those close to the project say it chopped and changed its pitch. Various factors hurt the restaurant, Iannuzi says, including “a flat market”. He hopes a new operator will step in.
Indeed, they'd inherit a slick interior so new it was short-listed this month for a design award.