Early last year, the owners of popular west-coast jazz spot Yoshi’s San Francisco announced they will be selling the club after they “just couldn’t make it profitable.”
Now, it seems, the new owners have suffered from the same problem. In a statement released earlier today they announced plans to end all operations at the venue and close the doors for good on Wednesday, January 14.
Fillmore Live Entertainment Group acquired Yoshi’s San Francisco in June 2014, and re-branded the venue as ‘The Addition’ in October. The new owners tried to diversify the venue’s lineup, booking more mainstream and non-musical acts alongside the jazz performers the venue became famous for. However, it wasn’t enough and the venue will now close due to “financial hardships resulting from reduced revenue since the takeover.”
Upcoming shows by the likes of vibes legend Bobby Hutcherson, comedian Kristen Schaal, and a sold-out acoustic performance by R&B singer/rapper T-Pain have all been cancelled, with no immediate plans to reschedule.
Much of the venue’s financial hardship comes from loans taken out by the original owners to build the $15 million, 28,000 square-foot venue in San Francisco’s historic Fillmore district. Coupled with diminished interest in jazz nationwide, issues with capacity/layout, and increased local competition from an expanded SFJazz, any venue would be under significant financial pressure under those circumstances.
The status of the venue’s existing loans remains to be seen, with the Fillmore Live Entertainment Group currently “determining how to address existing liabilities of the business.” However, it seems they are looking for a partner to take over operations at the venue as soon as possible to avoid having to re-sell the venue at a loss.