A commercially successful breakfast joint outside Chicago closed its doors Sunday after 65 years in business, apparently because the owner wanted to cash in.
Peter Gerousis, 43, co-owner of Cozy Corner restaurant in Oak Park, said that although business was booming, the decision to close was forced.
“The restaurant right now is the most successful it’s been in 65 years, without a doubt,” Gerousis said. The Chicago Sun-Times“But our landlord thought it would be fair to double our rent.”
As he and co-owner Georgia Dravilas neared the end of their 30-year lease, their landlord wanted to raise the monthly rent from $8,500 to $17,000 for their commercial 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 taken advantage of. So he and co-owner Georgia Dravilas began looking for a new space to rent.
Pictured: The Cozy Corner restaurant in Oak Park, Illinois. After being in business for 65 years, the breakfast spot abruptly closed after its owners had to pay double their current salary 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, and it was less than a block away.
But after six months of negotiations, the deal fell through.
It was then that Gerousis and Dravilas made the difficult decision to separate.
“I’ve been going through the stages of grief, but I’ve been stuck in the anger stage for a while,” Gerousis said.
Dravilas’ father bought the business in 1994, but after more than 20 years of running it, he thought about retiring.
In 2015, he sold the restaurant privately to a new owner, who spent about four years racking up $500,000 in unpaid taxes.
Since this was a private sale, this person owned 51 percent of the business until the purchase loan was paid off.
Dravilas’ father was able to take over the business in 2019 and shortly afterward transferred ownership to his daughter and Gerousis.
“We got into a lot of debt,” Gerousis said. “We didn’t even realize what we were getting into, but the thread started to unravel.”
Not only that, they took over the restaurant right at the beginning of the COVID-19 pandemic, which broke out in March 2020. They relied on takeout orders to keep revenue stable.
“We wouldn’t have been able to keep our doors open during COVID if it wasn’t for the support of everyone in the community,” Gerousis said.
Dravilas, 44, said he will miss socializing with longtime customers.
“The saddest thing about all of this is the customers,” Dravilas said. “We have a lot of customers who have been coming here for many years and now they bring their grandchildren. I’m going to miss the interaction with them. No matter how bad my mood is, seeing them always makes me feel better.”
A customer spoke to ABC7 Chicago about his good times at the restaurant.
“This place was a regular spot for me when I first moved to Oak Park,” said Colin Knapp as he ate at the restaurant on its last day of operations. “My son loves it and they know my son here, too. It’s nice to have a place where you feel like you’re part of a community.”
Homero Duarte worked at Cozy Corner as a waiter for 25 years, and while he’s sad that a big chapter of his life has ended, he’s excited to see what’s next.
“I’m grateful for the time I spent here,” Duarte said. “I’ve been treated like family here. I’m not sure where I’ll go next, but I know I’ll be fine. At the end of the day, all that matters are the memories I’ve made here.”
Gerousis and Dravilas have not ruled out reopening the restaurant in the future, largely because the community has encouraged and supported them.
Nothing is certain, but the determination of the two friends is not in the least in doubt.
“We are too young to retire,” Dravilas said.
Customers dined at the Cozy Corner for the last time last Sunday
While sitting at a table inside the restaurant, Colin Knapp called the Cozy Corner “a staple.”
Across the United States, restaurants have been struggling. One of them is Applebee’s, which plans to close up to 35 more locations this year, after shuttering 46 in 2023.
Red Lobster was one of the most high-profile restaurant failures this year, filing for bankruptcy and closing more than 100 restaurants after pushing an ill-conceived offer of unlimited shrimp for $20.
Across the United States, restaurants have been struggling more and more this year. Faced with rising costs, they have raised menu prices, but that has led to a drop in customers.
Larger chains like Applebee’s, TGI Fridays and Boston Market have recently closed restaurants, as have smaller chains like BurgerFi.
Red Lobster filed for bankruptcy in May and also closed nearly 100 restaurants. New owners were announced this week: the debt-ridden chain reportedly owes $21 million on shrimp alone.
Chains have been hardest hit in California, where the minimum wage for fast-food restaurants rose to $20 an hour starting April 1.
In early June, Mexican chain Rubio’s closed 48 branches in the state and also filed for bankruptcy.
Earlier this month, for example, Fargo’s Pit BBQ in Texas closed after more than two decades of serving brisket, ribs and other barbecue classics.
Last month, two classic Bay Area Italian restaurants closed on the same day.
