Employees given two-week window as Cookeville IHOP plans closure following property sale
Employees at the IHOP at 1115 Interstate Drive in Cookeville were told recently the restaurant would close following the sale of the property to Verlaine Capital. According to sources, the new owners informed employees the restaurant was shutting down “ASAP.”
As reported in the UCBJ, the all-cash deal includes the single-tenant, 3,962-square-foot restaurant property located near Walmart, Lowe’s, Sam’s Club, AMC Theatres, Chick-fil-A, Starbucks, Chipotle and Texas Roadhouse.
One employee said workers were informed of the decision with little warning.
“Most of us are single mothers depending on our tips… It all came as a shock when HR and our boss came into the restaurant today to have a meeting to tell us what happened.”
“I guess that’s how the world works… All about the money and not about the people. Shame on them,” said Rebecca Parton in a Facebook post. “Thank God our boss fought for us, and we were given 2 weeks to find something else.”
Following the acquisition, VC said Cookeville continues to serve as a regional hub for employment, education, health care and retail activity, citing population growth, commercial expansion and infrastructure investment in recent years. According to the company, the deal aligns with its strategy of investing in institutional-quality retail real estate located in high-traffic corridors with strong long-term market fundamentals.
Google Earth Image.
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