Kat Wok closes ... for now

Kat Wok is closed unless a sale or partnership that would save the business materializes, the owner of the downtown nightclub and sushi bar said.

Mark Tangeman has been quietly looking for an investor since March, according to his father, Tom Tangeman.

A sign posted on the door of Kat Wok reads, "closed temporarily for repairs."

"We put the sign up on a week ago Monday," Tom Tangeman said. "We're still in the process of waiting and listening."

The business opened in November of 1997, offering pan-Asian dining, and was originally owned by Beezy McMillan. Mark Tangeman bought the business from McMillan six months after the opening.

McMillan believes the recession is to blame and that many restaurants in town could be headed toward the same fate.

"I think you'll see a dozen more," McMillan said. "It's going to be an interesting winter."

Kat Wok is listed on restaurants-for-sale.com, reporting $1,043,757 in revenue a year. The asking price is $250,000.

According to Tom Tangeman, the restaurant experienced a very slow winter and the owner had hoped business would pick up in the spring and summer, but it has not.

"Everything has skyrocketed right now and the economy sucks," Mark Tangeman said.

Citing increases in rent and food costs, in addition to less business, the owner said he is exploring his options.

"Nobody is walking away from anything, all the employees were paid all through last month, everybody is being paid, and the IRS is being covered," Tom Tangeman said.

"Leases are coming up and we are paying a pretty high lease," Mark Tangeman said. "We're renegotiating the lease."

As the owner and his father scramble to find options to keep the business afloat, Mark Tangeman reflected on past success.

"I was lucky and I had some good ideas," he said. "If I'm going to have a successful business like I had, I have to make some tough decisions."

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