A restaurant owner in Iowa is selling his eatery for just $1 after a difficult year because of the coronavirus pandemic.
Li Zhang told Fox News over email that his restaurant and karaoke bar Lark & Owl in Iowa City has suffered huge losses over the last year and Zhang himself is “carrying a huge rent debt.”
Though he’s already heard from several people interested in taking over the restaurant for just $1, he said they’ve all been hesitant about how expensive the rent is.
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According to The Gazette, which first reported the story, Lark & Owl’s rent is $5,000 a month — which doesn’t include any of the other expenses the restaurant has to pay such as payroll.
Lark & Owl (right) is being sold for $1 after suffering huge losses over the last year because of the coronavirus pandemic.
Despite the high expenses, the restaurant hasn’t made a profit since the pandemic hit the U.S., the newspaper reported.
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Lark & Owl was dependent on its karaoke room, which has been closed because of the pandemic. Delivery and takeout haven’t been able to make up the difference, according to The Gazette.
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Zhang first opened Lark & Owl in August 2019, according to The Gazette. He also owns another restaurant in Iowa City called JiangHu Asian Street Food.
That restaurant — which Zhang opened in 2018 — has received a bit more community support during the pandemic and has been able to break even regularly.