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Restaurant tumult is good news for auctioneers
Another week, another restaurant closing — which means that once again, there's a chance for a great deal on a used deep fryer and a bunch of bar stools.
Aug 21, 2017, 6:50am
By Mark Reilly Minnesota Business Journal
The Star Tribune reports on a side effect to the roiling Twin Cities restaurant scene: A boom in auction services as shuttered eateries sell of their wares and hopeful restaurateurs buy up equipment for their new ventures.
Rochester, N.Y.-based RestaurantEquipment.bid is in town to sell off the remains of Famous Dave's Bloomington location, which closed in late July. The company has been involved with 500 auctions in the past 10 months. President Neal Sherman said, "I don’t think we’ve ever seen such an aggressive, persistent number of closures."
But auctions don't do well unless there's somebody buying as well as selling. "Two restaurants close and two go in to replace them," said Greg Christian, co-owner of Auction Masters in Maple Grove. Restaurateur David Fhima, who has been on both sides of that equation ( he's currently working to open a new spotin the Forum Cafeteria space in Minneapolis), said that auctions are a good way to pick up used equipment.