Popular Restaurant Now Makes A Painful Closure Due to Inflation

June 14, 2024

A popular restaurant now makes a painful closure due to inflation, citing the soaring cost of goods has triggered its last store to shutter.

Mr. Powdrell’s Barbeque has been serving delicious BBQ for over seven decades in Albuquerque.

But now, the owners have shared their decision to shutter their well-known restaurant on 4th Street.

The restaurant’s final day in business will be June 29.

Opened in 1984, that particular Mr. Powdrell’s location is listed on the National Register of Historic Places.

Powdrell’s is hosting one last goodbye party, as announced on their Facebook.

“To honor the legacy of Mr. Powdrell’s, The Company has organized a Closing Celebration on Thursday, July 4th, from 10:30 am to 5:00 pm at the 5209 4th Street location, to commemorate the legacy of Mr. Powdrell’s,” they said in a post.

But all hope isn’t lost for fans of the hotspot’s sauce.

The statement from the company shared their hope to continue distributing the BBQ – including their famous sauce.

First opening their doors in 1962, Catherine and Pete Powdrell were chasing a better life for themselves, leaving behind their native West Texas.

“The times were very segregated and it had limited horizons for us,” Joe Powdrell, now CEO of Mr. Powdrell’s Barbeque, told local NBC affiliate KOB-TV.

“Dad, mom, young parents, a bunch of kids, we had family in New Mexico here, as early as the 1930s beckoning us to come here,” he said.

“So we came and cranked up our barbeque.”

In serving locals, they created a reputation that attracted the likes of celebrities and other famous figures.

“You know Spike Lee,” Powdrell said, pointing to a picture of Lee and his family at the restaurant.

“Danny Glover is another one,” he said proudly.

“Yolanda King, Martin Luther King Jr.’s daughter. Malcolm X’s daughter. I mean, they were here at the same time,” he continued.

Joe went to The University of New Mexico, where he met his wife, Rita.

He later served in Vietnam and then went on to work as a schoolteacher in California.

After deciding to move back to Albuquerque in the 1970s, the couple joined Joe’s brother, Pete, in the family business.

“We opened up a location downtown in 1979, and I was in an owner-manager position then and stayed there for four years,” he explained,

“We had another move to a place over on Montgomery and San Pedro and then we came here in 1984.”

But not even a place with this much history and significance could outpace inflation and the pandemic.

“COVID examined all of what we needed to know,” said Powdrell.

“The rise and change in society, the rise in prices, it’s been challenging, not only to us but to other businesses,” he said.

“It’s challenging business, period.”

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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