Seattle’s beloved Paseo could rise again after sale to new owner in bankruptcy court
Dec 9, 2014, 5:23 AM | Updated: 5:23 am
There could be good news for those mourning the loss of Seattle’s beloved Paseo.
All of the renowned sandwich shop’s assets have been sold at auction, potentially paving the way for the rebirth of the iconic restaurant.
The Puget Sound Business Journal reports the business sold Friday for $91,000, following the bankruptcy filing by its original owners in November.
The winning bidder is said to be Ryan Santwire, a Seattle resident who serves as a board member on the Pike Place Market Foundation, a partner at Wine World Warehouse and an investor at RockCreek Seafood and Spirits, the PSBJ reports.
The big question is whether the new owners will be able to recreate the sandwich named second best in all of the U.S. by Yelp that regularly drew long lines to its outlets in Fremont and Ballard.
While the winning bidder gets the name, all of the equipment and the buildings, he or she doesn’t get original owner Lorenzo Lorenzo’s recipes, which he kept as closely guarded secrets.
Lorenzo sent shock waves through the Seattle food scene when he abruptly shuttered his two restaurants and filed for bankruptcy last month. At the time, Lorenzo faced a lawsuit by a handful of former employees who alleged discrimination and wage theft.
Once a judge approves the sale, workers will be paid first for back pay owed.
