June 20, 2018
Business Latest News | Poll Questions | Fuddruckers | Opioid Sales | RCV Ballots

Iconic midcoast eatery going up for auction

By Nick McCrea, BDN Staff

LINCOLNVILLE, Maine — A landmark 260-seat restaurant perched on Lincolnville Beach is going up on the auction block next month.

The former owners of the Lincolnville Lobster Pound announced in December that the business wouldn’t be opening its doors next season, closing the books after nearly a century.

South Portland-based Keenan Auction Co. is overseeing the auction, which is scheduled for 11 a.m. Thursday, March 9, at the Route 1 restaurant.

Owner Dick McLaughlin and his wife, Patty, who first met decades ago as employees at the restaurant, filed for Chapter 7 bankruptcy in November. They said fallout from the 2008 economic crisis and rising costs of running an oceanfront operation, notably hikes in flood insurance rates, ultimately led to the decision to shut down.

Two years ago, McLaughlin sought to boost business by reimagining the restaurant as a brewpub and entering a partnership with Lincolnville’s Andrews Brewing Co. It wasn’t enough to save the restaurant.

In spite of those efforts, banks weren’t willing to refinance his business. McLaughlin reached out to an Auburn-based business consulting firm, which after a thorough review recommended that he explore bankruptcy options, McLaughlin said.

In addition to the main restaurant, the 9,600-square-foot building includes a pub area that was operated by Andrews Brewing Co. prior to the Lobster Pound closing. The town values the property at a little more than $900,000.

Follow Nick McCrea on Twitter at @nmccrea213.

 


Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like