After two decades of pouring rounds for Temple University and North Philadelphia customers, Draught Horse Pub & Grill, located on Cecil B. Moore Avenue near 15th Street, is permanently closing by Feb. 17, the Philadelphia Business Journal reported Monday.
Draught Horse, which rents the building from Temple, decided to close its doors, because it was not able to secure a long-term lease when renegotiating its current lease, which is set to expire at the end of the month, the Philadelphia Business Journal reported. Long-term leases allow tenants to make low rental payments that increase over time, which would help alleviate the financial pressure the Draught Horse has experienced since the onset of the COVID-19 pandemic.
By October 2020, Draught Horse had made less than a third of its typical pre-pandemic year-to-date sales, the Philadelphia Business Journal reported.
Sales may have decreased because a significantly smaller number of Temple students, faculty and staff lived near Main Campus during the Fall 2020 semester as Temple conducted the majority of classes virtually. Additionally, Philadelphia’s COVID-19 dining guidelines prevented the restaurant from holding major events like parties and fundraisers, the Philadelphia Business Journal reported.
Draught Horse is one of several local businesses that faced fatal financial struggles amid the COVID-19 pandemic, with popular spots like Lee’s Hoagie House permanently closing in December 2020 and Pazzo Pazzo filing for bankruptcy in October 2020.
Draught Horse may try to reopen at a new location at some point in the near future, but plans for this remain uncertain, the Philadelphia Business Journal reported.
A university official was not immediately available for comment.