Updated at 12:03 p.m. Friday
Zak's Place owners announced Thursday that the restaurant will be closing down this weekend after serving its contemporary American cuisine to diners at 112 S. Washington St. in downtown Hinsdale for five years.
"All of us at Zak's Place have made great friends, had fun times and created many wonderful memories with you," reads a Thursday night Facebook post from Yamandú Perez, one of the restaurant's two owners. "But, sadly we can no longer afford the costs of doing business, so we've decided to say farewell."
Perez's co-owner, Matthew Van Valkenburgh, said the restaurant's owners said the their first five-year lease ended in August and they were unable to lock down a long-term lease with the owner.
"We basically couldn’t come to an agreement on price," Van Valkenburgh said.
The co-owner said rising costs and a dip in business also contributed to the decision.
"To make it work, our rent had to come down a lot," Van Valkenburgh said.
Jay Javors of Midwest Property Group, the firmed that manages the property, said the owners had not paid rent for the last several months. Van Valkenburg said that's true, but also said they were at the same time trying to work out a long-term deal they could afford.
Perez's post thanked Zak's Place's customers.
"I want to thank you for your loyalty for the five plus years we've been open," it reads. "In particular, your loyalty throughout the rough economic times of 2009-10 will never be forgotten. We couldn't have survived without you."
Van Valkenburgh echoed that sentiment. He commended the people of Hinsdale.
"People here care," he said, "and that’s the thing we’ll remember the most, how much our customers cared for us and supported us during the rough times and the good times."
Friday night and Saturday night, the last two nights of service at Zak's Place, Van Valkenburgh said all wine will be half price, hoping the restaurant can show its customers one last good time.
"Even the cheap stuff," he said. "We’re doing everything half price."
Zak's Place opened in 2007 "by two friends with the vision of creating a neighborhood restaurant with an urban feel," the restaurant's website reads. "Zak's Place began with the idea that excellent food and service should be customary."
Perez is also an owner of TWO, a restaurant on Chicago's near west side.