Lease on closed eatery renewed

DAILY MAIL STAFF

Shoney's Inc. has renewed its lease on the Fifth Quarterrestaurant site in front of the Charleston Civic Center, even thoughthe company has boarded up the eatery. Jennifer Beasley, secretaryfor the Beni Kedem Shrine Temple, which owns the lot and building atQuarrier and Clendenin streets, said Shoney's officials exercisedtheir option to renew the lease just before it expired Friday.

The new lease is for five years.

Beni Kedem officers were not available for comment, and Beasleysaid she had no information about what Shoney's intends to do withthe site.

Shoney's spokeswoman, Betty Marshall, said, "They're developing anew strategy for the site. They're looking at what they're going todo with that space."

She would not elaborate on whether the company intended to reopenanother restaurant there, or sublease the property. Shoney's alsoowns Captain D's.

"Charleston is a great city, and we want to continue to be a partof it," Marshall said.

Shoney's Inc. was founded by Charleston native Alex Schoenbaum.It is now based in Nashville, Tenn.

Fifth Quarter closed March 20 after operating at that spot for 18years, citing a continued decline in sales and profits. Therestaurant employed 60 people. Several local restaurants expressedan interest in leasing the strategic site, including the owners ofthe Tidewater Grill and Joey's.

Shoney's Inc. reported a loss of $3.9 million for the quarterending Feb. 20. In February, the company sold its chain of Pargo'srestaurants and announced it had hired a financial adviser to assistin reducing its debt.

Writer Cheryl Caswell can be reached at 348-4832 or by e-mail atcherylc@dailymail.com.