Money Makers

Andrew Valenti, Reporter//January 7, 2021//
Golden Lantern bar in French Quarter available for sale

Andrew Valenti, Reporter//January 7, 2021//
A longtime bar in the French Quarter is looking for a buyer as it struggles through the COVID-19 pandemic.
The Golden Lantern, located at 1239 Royal St., is up for sale at $900,000, according to a listing in the Louisiana Commercial Database.
The bar, opened in 1964, is trademarked and legally licensed in Louisiana as the official “Home of Southern Decadence.” The new owner would pick up the current lease at $6,400 per month, the listing said.
Business broker Russell Bernstein of KW Commercial said the name, trademark, furnishings and equipment would be included in the sale. The building is not available for purchase, and the bar would remain open, he added.
Golden Lantern owner James Garner, who’s owned the establishment for almost nine years, said he is selling because he’s “ready to move on.” Garner said he’s already received two phone calls regarding the sale since it was listed on Tuesday.
“Nine years is a long time to be in the bar business,” he said.
Garner said the business is doing about a third of the sales it was doing before the COVID-19 pandemic. The bar has always sold memorabilia such as hats and T-shirts, and Garner said he’s put these offerings online and is now sending packages throughout the country to help make up for some of the lost revenue.
Bars like the Golden Lantern have been hit particularly hard with changing restrictions. Whereas bars with food permits have pivoted into acting like restaurants, others like the Golden Lantern, which does not have a kitchen, could not.
Restrictions eased in October and allowed bars to offer limited indoor seating. But in late December, as COVID-19 cases rose, state-mandated rules closed indoor service again. Bars can still serve customers outdoors and offer go-cups.
In August, a GoFundMe fundraiser was organized by Garner and two others to try to save the Golden Lantern. On Wednesday, the page said it has raised $7,815 of its $60,000 goal.
The page said that a federal Paycheck Protection Program loan helped keep the bar afloat for two and half months, and much of the money was spent on sanitizing stations, thermometers, tables, tents and other items to keep patrons and staff safe.
“No one was prepared to still be dealing with this 5 months later, with no end in sight,” the page said.
“The reality is, the bills (rent, insurance, utilities, taxes, etc) continue to pour in,” the page said. “Despite being closed, Entergy and SWBNO bills are somehow much higher than usual. Without income or additional resources available, The Golden Lantern is struggling to keep its head above water. With expenses over $20,000+ a month and no income expected any time soon, options are running out.”
A few bars in New Orleans have closed since the initial COVID-19 lockdown last March and the ensuing restrictions. They include Mimi’s in the Marigny at 2601 Royal St. and St. Charles Tavern at 1433 St. Charles Ave. The original Johnny White’s Bar on St. Peter Street did not reopen after the lockdown.
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