Thursday, November 19, 2009

Mirror Plans to Hang It Up by Next Year

Posted By on Thu, Nov 19, 2009 at 8:14 PM

click to enlarge Michael and Colleen DeGregory
  • Michael and Colleen DeGregory

Mirror, one of the pioneering restaurants of the boom in the 12South neighborhood, is up for sale, says Rick Bolsom, who owns the restaurant with Michael and Colleen DeGregory. The restaurant's lease is up next year, and the three hope to sell the business by sometime in 2010.

The DeGregory family is planning to move back to South Florida, where Colleen grew up. "Mike and Colleen are at the time of life that they want to get back home," Bolsom says. "They miss the ocean."

The couple met in Miami Beach, where they cooked at different restaurants. They relocated to Nashville and opened Mirror in 2000.

Bolsom says that until the recent recession, Mirror was a consistently profitable business. The restaurant witnessed dramatic changes in the neighborhood as 12South turned into a thriving retail and residential neighborhood. "It's been a heck of a 10 years," he says.

Mirror has quietly put the word out in the restaurant industry that the business is for sale, Bolsom says. (The property is owned by 1221 Partners, and a new restaurant would be able to negotiate a fresh lease.)

Several parties have inquired about the sale, Bolsom says. The restaurant is being offered as a "turnkey operation," meaning it's fully equipped to reopen under a new owner. He says if a deal is reached and the buyers can work out a lease with the landlord, "they can be in possession the next day."

Mirror is expected to keep operating until it is sold or the lease expires. One face that won't be seen there is celebrated bartender Stephanie Johnson, who made a big splash in town before leaving Mirror a few months ago.

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