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Home My WebLink About2008 Nov 22 - Cape Cod Times Article: "Arrivederci to Abbicci"tri Cape Cod Times Editor: Bryan Lantz, 508-862-1220 blantz@capecodonline.com Fax: 508-771-3292 Net investment MARKETS TODAY 8,046.42 1,384.35 800.03 Go to www.capecodonline.com/ PAGE B 9 business to get up-to-date quotes for stocks and mutuals, day or night. SATURDAY, NOVEMBER 22, 2008 Arrivederci to Abbiccc i Customers are saddened by the closing of the popular Yarmouthport bistro, a victim of the economic downturn. By SARAH SHEMKUS sshemkus@capecodonline.com YARMOUTHPORT — After 20 years in business, upscale Mediterranean bis- tro Abbicci has closed it doors for the foreseeable future — and, perhaps, for good. "Basically, the economic times are not supporting the restaurant," said owner Marietta Bombardieri."I decided to close and try to sell it." The 100 -seat restaurant, which was extensively renovated in 2006, along with a three-bedroom home on the same lot, have been put on the market with an asking price of $1.75 million, according to a press release from Com- mercial Realty Advisors, the brokerage handling the sale. If the property doesn't sell, Bombar- dieri said, she will consider trying to restructure the business for a reopen- ing in the spring. RON SCHLOERB/CAPE COD TIMES Abbicci bistro on Route 6A in Yarmouthport closed its doors yesterday after 20 years in business. The owner is hoping to sell the property for $1.75 million. More than 15 employees were laid off, she said. The restaurant served dinner on Thursday night, but did not open for lunch yesterday. Shortly after noon, the parking lot was empty and the dining room was dark. Callers seeking reservations were told that the restaurant has closed indef- initely. As recently as yesterday, Abbicci RECENT RESTAURANT CLOSINGS ■ Hearth 'n Kettle, Falmouth ■ Black Bean Cafe, Hyannis ■ The Coast, Orleans had been advertising its Thanksgiving dinner seatings. "It's a very sad thing for a lot of peo- ple, including my customers," Bombar- dieri said. News of the closing surprised and disappointed West Yarmouth resident Richard Wilson, who had planned to hold a birthday celebration for two of his daughters at the restaurant this weekend. "The times that we've been there, we've found that it is just an excellent upscale restaurant," he said. "It's just a shame." Bombardieri got her start in the res- taurant business in 1971, when she opened La Cipollina just a half -mile see ABBICCI, page 8 08 ■ Cape Cod Times Abbicci0 : Weak fall brings down business from B7 up the street from where Abbicci now stands. In 1988, she bought the Cran- berry Moose restaurant and changed the name to Abbicci in 1991. Through the years, the bistro developed a strong following and garnered critical acclaim. Abbicci received a Best of Bos- ton honor from Boston Maga- zine for general excellence in 2007. This year, however, the trou- bled economy took its toll, Bom- bardieri said. Abbicci was a high-end res- taurant with prices to match - entrees ranged from $23 to $45 - and therefore lost business as diners started tightening their budgets. And when the summer tourist season ended, she said, business took a big hit. "In September, October, November, it was as if they locked the bridge,"Bombardieri said. Nonetheless, she is certain that the business will be suc- cessful for the right buyer. "It's a lovely home and a spec- tacular restaurant," she said, .and someone will do unbeliev- ably well here." Meltdown: Accounting at issue from 117 droves, their prices have fallen. As a result, banks have had to reduce, or write down, the value of assets they hold, making their balance sheets weaker. Regulations say that banks must hold minimum amounts of capital - cash, government securities and loans - and write- downs shrink that capital. That has forced banks to scramble for cash, selling assets or seek- ing buyers for whole businesses so they can meet their minimum requirements. Q: is mark to market accounting being reconsid- ered? A: The legislation that cre- ated the $700 billion bailout also requires the Securities and Exchange Commission to study mark to market. The latest of 0r- ..,,., AfnhiPc on the an accounting professor at the University of North Carolina business school, in remarks submitted to the SEC. Translation: If a bank desper- ate for cash sells assets at fire sale prices - but the price of those assets are holding up else- where - other banks don't have to mark down their assets to the cheapest possible price. Q: Why keep mark to market accounting? A: People who argue for keep- ing mark to market accounting say the alternative is "mark to myth."Their argument is that mark to market reflects reality - if you've made a rotten invest- ment and no one wants to buy it, its fair value will rightly be low. "Fair value accounting is only a means of communicating information that is important to investors and other mar- Analysis:0 Bailout not effe from B7 is firmly behind it could restore confi- dence as quickly as it has evaporated,"said Mark Zandi, chief economist at Moody's Economy.com "The Bush administration is winding things down and the Obama administra- tion is trying to gear things up. And in the middle of all this, we've got this complete collapse of confidence. And there is a vacuum," said Zandi. Even with the late -day rally, stock market gains of the past decade have been essentially erased. Credit markets that had thawed briefly have frozen again amid widespread fears of a deep and long recession. Congress, the administration and the Federal Reserve have hurled well over a trillion dollars at the problem. But while Paulson told Congress this week the U.S. had"turned the corner"in averting a finan- cial collapse, there is little evidence that the economy's downward spiral has been broken. Obama told CBS -60 Minutes"in an interview aired last Sunday that, while the government's big financial bailout program may not have worked as hoped, "things could be worse" But, unless Geith- ner's selection can work wonders, there's little evidence things will be getting much better soon. Amnn r the mistakes and nfhar reasons 111 The steps taken so far little in the way of direct a ers facing foreclosure or v their homes. ■ Even though the Fed c slashed its key interest rat - a level seen only once be half -century - and is belie, dering a further cut next n always a lag time between economic improvements. ■The collapse of a $251 sional effort to rescue autc rattled markets and raised Big Three bankruptcies th; through the economy and of jobs. ■ Many economists faul istration for allowing Wall Lehman Brothers to fail, a rescue Bear Stearns and t� gage giants Fannie Mae ar. The failure spooked invest ■ Rising unemployment pullback in consumer sper whelmed multibillion -dolls efforts. Consumer spending usu for two-thirds of the overs; when it starts to topple, it': the dominoes from falling. ■Mimbling financial sto further driven down by a V strategy known as short -se investors wager that stock: