The Palm - Owners Wally Ganzi and Bruce Bozzi Have Closed and Sold the Original 2nd Avenue Location for $5.9 Million - All Other Locations Remain Open

[RWBooneJr]

Could someone in the business please explain for us why, if it's absolutely clear that a restaurant isn't going to reopen, they say "Closed for renovations?" Is it to stave off creditors? Are there some other reasons?

I can see an owner wanting to hang on until all possible avenues have been explored, but this happens nearly *every time* a restaurant closes.

So what are the possible reasons a restaurant would do this?

Speaking of this, the original Palm Restaurant is not reopening:

"Miss Steak? Palm Restaurant Selling Original 2nd Avenue Location" by Rich Bockmann on therealdeal.com