One of the poshest and most popular seafood emporiums in DC is unfortunately feeling the pinch of an economic downturn that has resulted in people having/spending less discretionary income. Oceanaire Inc., the chain that owns Oceanaire on F Street, NW, filed for bankruptcy in Dallas, listing assets and liabilities between $10 and $50 million. The chain has closed 4 underperforming locations in Charlotte, NC, Cincinnati, Philadelphia, and Seattle. The iconic DC location, however, will remain open.
CEO Terry Ryan commented about the bankruptcy filing, stating that, “today, Oceanaire is taking the necessary steps to position the company for the future. During our restructuring, we expect to conduct business as usual in the vast majority of markets, and intend to work with our current vendors and to continue operations without interruption to our customers.” Ryan has recently filed for a bankruptcy with the help of a bankruptcy attorney.