A successful breakfast restaurant on the outskirts of Chicago closed its doors Sunday after 65 years, reportedly because the owner wanted to make money off it.
Peter Gerousis, 43, co-owner of Cozy Corner Restaurant in Oak Park, said despite the good business, the decision to close was necessary.
“The restaurant is currently the most successful it has ever been in 65 years – without a doubt,” Gerousis told the Chicago Sun-Times“But our landlord thought it was fair to double our rent.”
As he and co-owner Georgia Dravilas neared the end of their 30-year lease, the landlord wanted to raise the monthly rent from $8,500 to $17,000 for their retail space at the corner of Marion and Lake Streets.
After talking to other business owners in the area, Gerousis came to the conclusion that he was being exploited, so he and co-owner Georgia Dravilas started looking for a new space to rent.
Pictured: The Cozy Corner Restaurant in Oak Park, Illinois. After 65 years in business, the breakfast restaurant abruptly closed its doors after owners were forced to pay double their current price to stay
The two owners, who have known each other for more than 25 years, thought they had found the perfect building to move into, less than a block away.
But after six months of negotiations, the deal fell through.
Then Gerousis and Dravilas made the difficult decision to call it quits.
“I went through the stages of grief, but I got stuck in the anger stage for a while,” Gerousis said.
Dravilas’ father bought the business in 1994, but after more than 20 years in charge, he wanted to retire.
In 2015, he privately sold the restaurant to a new owner, who withheld $500,000 in unpaid taxes for about four years.
Because it was a private sale, this person owned 51 percent of the company until the purchase loan was paid off.
Dravilas’ father was able to reclaim the business in 2019 and shortly after he transferred ownership to his daughter and Gerousis.
“We got into a crazy amount of debt,” Gerousis said. “We didn’t even realize what we were getting into, but the net started to come loose.”
Additionally, they took over the restaurant just before the COVID-19 pandemic hit in March 2020, relying on takeout orders to keep their revenues going.
“We would not have been able to keep our doors open during COVID without the support of everyone in the community,” Gerousis said.
Dravilas, 44, says she will miss socializing with regular customers.
“The saddest part of all of this is the customers,” Dravilas said. “We have a lot of customers who have been coming here for years and now they’re bringing their grandchildren. I’m going to miss the interactions with them. No matter how bad I get, seeing them always makes me feel better.”
A customer spoke with ABC7 Chicago about the fun times he had in the restaurant.
“This place was a staple for me when I first moved to Oak Park,” Colin Knapp said as he ate at the restaurant on its last day of operation. “My son loves it, and they know my son here. It’s just nice to have a place where you feel like you have a community.”
Homero Duarte worked as a waiter at Cozy Corner for 25 years. Although he is sad that an important chapter in his life is over, he is also curious about what the future holds.
“I’m grateful for the time I’ve spent here,” Duarte said. “They’ve treated me like family here. I’m not sure where I’m going to go next, but I know I’m going to be OK. At the end of the day, the only thing that matters is the memories I’ve made here.”
Gerousis and Dravilas do not rule out reopening the restaurant at a later date, especially since they have received a lot of encouragement and support from the community.
Nothing is certain, but the determination of the two friends is certainly not in doubt.
“We’re too young to retire,” Dravilas said.
Last Sunday, customers dined for the last time at the Cozy Corner
Sitting at a table in the restaurant, Colin Knapp called the Cozy Corner “a fixture”
Restaurants across America are struggling. Among them is Applebee’s, which will close 35 more locations this year after closing 46 in 2023.
Red Lobster was one of the most high-profile restaurant failures this year. The restaurant filed for bankruptcy and closed more than 100 restaurants after pushing an ill-conceived $20 all-you-can-eat shrimp deal
Restaurants across America have been struggling this year. Faced with higher costs, they’ve raised menu prices — but that’s led to a drop in customers.
Larger chains like Applebee’s, TGI Fridays and Boston Market have all recently closed their restaurants, as have smaller chains like BurgerFi.
Red Lobster filed for bankruptcy in May and closed nearly 100 restaurants. This week, the new owners were announced. The chain’s debt load is so high that it owes $21 million for shrimp alone.
Chains have been hit hardest in California, where the minimum wage for fast-food restaurants increased to $20 an hour effective April 1.
In early June, Mexican chain Rubio’s closed 48 locations in the state and also filed for bankruptcy.
Earlier this month, for example, Fargo’s Pit BBQ in Texas closed its doors after more than two decades of serving brisket, ribs and other barbecue classics.
Last month, two classic Italian restaurants in the Bay Area closed their doors on the same day.