Hyde said Trademark Properties, the real estate firm that manages Market Street, did not offer Jasper's rent relief at the start of the COVID-19 pandemic. Instead, Jasper's was offered a rent deferral through 2020. According to Hyde, Jasper’s revenues were down 52.6% in 2020, which was the first year since the restaurant's inception that money was lost.
"Jasper’s, like all other restaurants in this great nation, sought every means by which to stay open, keep our staff employed and help the Woodlands community with their meal needs in what was a truly scary and unprecedented time," Hyde said in a statement released to Community Impact Newspaper.
Hyde said in January 2021, Trademark Properties declined Jasper's request to amortize the deferred rent, and the restaurant was required to provide Trademark Properties the full payment of the deferred rent in a 12-month time frame. When Jasper's was unable to do so, Hyde said Trademark Properties terminated the lease.
"To enter our facility in the middle of the night, change the locks and post a legal notice, as if we were strangers, was quite unnecessary and unprofessional," Hyde said.
While Jasper's has left Market Street, Abacus Jasper’s Restaurant Group has plans to open a new restaurant location in The Woodlands.
"... But what we do know is that Jasper's will prevail, just like our nation continues to do, and we can’t wait to share with you the location details on where the next era of Jasper’s 'backyard cuisine' will unfold in The Woodlands," Hyde said.
Trademark Properties said efforts are underway to fill the space in Market Street.
"Market Street has made the necessary decision to reclaim the space previously occupied by Jasper's The Woodlands," Trademark Properties said in a statement released to Community Impact Newspaper. "Market Street is sensitive to the challenges restaurants have faced during the pandemic; however, the operation has neglected to meet its obligations for over a year. Efforts are now underway to fill the space with a new dining experience equally befitting the quality of the Market Street experience."
