Two local Williamstown eateries, Hobson’s Choice on Water Street and Michael’s on Route 2, have been recently been listed as for sale.
Hobson’s Choice owner Dan Campbell said that his restaurant is advertised for sale at $450,000, but he added that he hopes that he will not have to sell the business and will instead be able to find a business partner. “I would not sell it if I didn’t have to,” Campbell said, noting that the economic climate has “taken a lot of people down [and] depressed the prices of real estate dramatically.”
Campbell used to run the restaurant with his business partner, Todd Ruthven, who left the business about a year and a half ago. “My partner wanted to leave, and the short of it is that there’s not enough equity with the decreased value of all property,” he said, adding that some of his motivation to list the restaurant for sale is born of the fact that he needs to come up with $175,000 to “buy out” his former business partner, to whom he still owes money.
Campbell said that he is “actively pursuing trying to find another partner” who would be able to buy in as a co-owner for $250,000. “I’ve got a couple irons in the fire,” Campbell said.
In the meantime,the restaurant has been listed at “a really, really high number … I don’t want to sell it,” Campbell said. “What I’m really hoping is to stall and delay for a couple of years” until the real estate market shows improvement.
For the local restauranteur, keeping his doors open is crucial. Campbell said he is doing this by “just paying my bills and doing the best food in the universe.”
In addition to Hobson’s Choice, the Route 2 establishment Michael’s, a
40-year-old family business run by Michael and Cindy Nikitas, is currently advertised for sale at $425,000 through the company Alton and Westall, according to a recent article on iberkshires.com. According to Michael Nikitas, the restaurant has been listed for sale since February. The owners declined additional comment.