Gladstones; Malibu, Calif.
For 44 years, the seaside outpost took in money like it was Uncle Sam on April 15. Restaurant Business pegged its 2015 sales at $15.4 million, which landed it in the 49th position on RB’s Top 100 Independents ranking.
The landmark’s current owner is Richard Riordan, the former mayor of Los Angeles and an investor in such other area landmarks as The Pantry. He acquired the property after it changed hands a number of times. Its original owner, Robert Morris, even had it twice—before and after selling it to W.R. Grace, the onetime parent of Applebee’s and Houlihan’s.
The restaurant is famous for its Mai Tais, views of the sunset and the whimsical containers that staff members form out of foil wrap for carting home leftovers.
According to local media reports, state officials want to put a more contemporary dining establishment on the state-owned plot that houses Gladstones, and is using the bait of a 40-year lease to draw one. The stories mention that Gladstones’ management did not fight the decision.
The company says on its website that a closing date has yet to be set, but a number of reports say the lights will be turned off for the last time at the end of October.
A scaled-down outlet using the Gladstones name is located in Los Angeles International Airport.