Scottsdale-based Kona Grill shuts down another Arizona location
PHOENIX – Just days after a bankruptcy court approved the sale of several of its restaurants, Kona Grill has shut down a location in Scottsdale, according to reports.
The Valley-based chain closed the restaurant at the Scottsdale Quarter, also home to its corporate headquarters, according to the Phoenix Business Journal, the second shutdown since spring.
The Chandler site went dark in April.
The company filed for bankruptcy protection in federal court April 30, listing debts of $74 million and assets of about $53 million.
The court OK’d the sale of 24 of the upscale-casual restaurants to a company run by former Kona Grill CEO Marcus Jundt for $20.3 million.
Jundt co-founded the sushi chain, which opened in 1998. He was CEO from 2006 to 2009 and again, briefly, this year. He left in March after a few months.
His company, Williston Holding, paid in cash, Nation’s Restaurant News reported.
Only two locations remained open in the state – Scottsdale Fashion Square and in Gilbert at the San Tan Village mall.
There are now 22 restaurants in 16 states.
Kona’s leadership has turned over repeatedly in less than a year. Jonathan Tibus became the sixth executive to join in nine months when he was named to the post in May.