Declining revenue forces Isaac Hayes Restaurant to close doors

The largest restaurant at Peabody Place sits empty on Monday. Isaac Hayes Restaurant shut it's doors for good joining five other empty spaces.

The closing seemed to have happened all of a sudden. Ask around and you'll find that a lot of people are stunned following the announcement.

As the news spread around town about Isaac Hayes' Restaurant closing, local musicians began singing the blues about the end of a night club era in Memphis.

"But change is inevitable you know, like it or not, that's sometimes what happens," says Phillip Durham.

So what happened to the restaurant with the big name and atmosphere many thought would bring success?

Andy Groveman is Chief Manager of Peabody Place, the facility which housed Isaac Hayes nightclub.

Groveman says he was disappointed but due to the size of the restaurant and entertainment venue  it became apparent after seven years of operation that it was time to close the doors and move on.

"And to try and be profitable in an 18,000 square foot space is, ah, that's a challenge," says Groveman.

Jeff Sandford heads up the Center City Commission, the agency responsible for coordinating revitalization downtown.

He says that despite losing Tower Records to bankruptcy and Isaac Hayes to declining revenues, Peabody Place is a hot location and officials are already working to secure new tenants.

Sanford adds, "and that's not based simply on my optimism but that's based on some things that I know about the efforts underway to fill those spaces."

Both Sandford and Groveman say that they are looking toward filling the Isaac Hayes and Tower Records spaces with retail businesses.

However both men were tight lipped about what potential tenants they are talking to

Despite those optimistic views, the truth is a large chunk of the Peabody Place sits empty.

In addition to the empty Isaac Hayes restaurant, Tower Records and four other spaces are available.

Click

to email Ben Watson.