Li Zhang, the owner of a restaurant in Iowa is selling his establishment for just a single dollar after a very difficult year amid the COVID-19 pandemic.
Zhang told Fox News in an email that his restaurant and karaoke bar Lark & Owl suffered enormous losses over the past year. He also said that he is “carrying a huge rent debt.”
Zhang has already heard from people who are interested in buying the establishment for $1, but they have all been hesitant after learning how expensive the rent is.
Lark & Owl’s rent is $5,000 a month. That does not include any of the other expenses, such as payroll.
The restaurant has not made a profit since the pandemic hit the United States last year.
Lark & Owl’s profit was dependent on the karaoke room, which has been closed due to the pandemic. Although the restaurant has been open for delivery and takeout, that has not been enough to make up the difference.
Zhang also owns another restaurant in Iowa City called JiangHu Asian Street Food, which has received a lot of community support during the pandemic, allowing it to break even regularly.