Osito, a Michelin-starred restaurant in San Francisco, will close on May 11 after four years of operation, primarily due to escalating operational costs and financial instability noted by chef-owner Seth Stowaway. Despite achieving peak business, the restaurant faced declining nighttime patronage in its Mission District location, worsened by the fallout from the Silicon Valley Bank collapse. After struggling with a $15,000 monthly rent and failed negotiations with the landlord for a more sustainable arrangement, Stowaway chose to end the restaurant's lease, officially marking the end of Osito's journey.
Stowaway expressed, "Even with the busiest the restaurant's ever been, it just doesn't make financial sense. The financial instability starts to affect everyone."
Osito's closure stems from a combination of high operational costs, declining neighborhood nightlife, and significant financial blows like the fall of Silicon Valley Bank.
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