Roy's Place, the landmark restaurant in Olde Towne that for the past several weeks was facing foreclosure, will stay open.
General manager Ramon Chavez said the restaurant's bookkeeper had been stealing from the restaurant since 2008, and that put the well-known sandwich shop behind on their loan.
Tranzon Fox, the Virginia-based online auction house that was going to host the auction, confirmed that the auction was cancelled because Roy's was able to pay off its loan.
He also said a Frederick accounting firm failed to pay the restaurant's taxes, and now Roy's liquor license, which is under Chavez's name, is in jeopardy.
Chavez declined to name the bookkeeper or the accounting firm.
A foreclosure auction was scheduled for tomorrow, but when Roy's was able to pay off their original lender with a short-term loan, the auction was canceled.
"Now we're going to be open, and that's all that matters," Chavez said. He added that the new loan "is going to be directed toward getting a Small Business Administration loan in the future, probably a year or three out."
"The theft is gone," he said. "We've hired a new accountant."
"That's the reason this place went down the way it went down recently," he said.
But he said the reason Roy's has been able to stay afloat through this process is the dedication of the patrons.
He is planning some type of customer appreciation special next week.
Sharon
6:37 pm on Wednesday, April 27, 2011
Oh, that is such wonderful news! Congratulations and alleluia!
abby needle
9:14 pm on Wednesday, April 27, 2011
I love this place. I am so so happy it will not be auctioned off. What a horrible ordeal this has been. I hope the account involved gets whats coming to him. My husband always brought us home sandwiches for a late dinner after he played racket ball every week. I am going all the way back to the late 70's! I literally went into labor after eating my sandwich from Roy's place on May 29th, 1981. Some powerful sandwich, huh?
Nathan Carrick
8:48 am on Thursday, April 28, 2011
What a great story!
Kevin Grolig
12:08 am on Thursday, April 28, 2011
This is great news! In a world of same ole-same ole chain restaurants, Roys is a step back in time. Great sandwiches etc.. I'll definitely make sure to bring my family there this week.
William Martin
5:53 am on Thursday, April 28, 2011
Worked there in the later 70s and it was a landmark then. It was Roy's wife, Philyis, that kept the place rolling finacially. Having checks and balances pays off.
W. Martin
Bob Hydorn
8:39 am on Thursday, April 28, 2011
A group of friends were there last week, and I must say the Bender Smender sandwich was as great as ever. Keep up the great food as you have all these many years.
MC
9:20 am on Thursday, April 28, 2011
Excellent news! I'm headed in soon to celebrate with a sandwich...
Gale OLaughlin
12:53 am on Friday, April 29, 2011
So glad to hear the news. we have been coming to Roy's for 35 years! The sandwiches are fabulous. Will be back in
to get one soon!
Michael Davison
12:46 pm on Thursday, November 29, 2012
My family started going to Roys Place shortly after the Gaithersberg site opened in 1971, and we eat there to this day. Over 40 years of the most awesome and unique sandwiches like The Dracula, The Snow White Dove, the Ms. Nellie Bea. The place is a treasure. Anyone that visits us from out of town gets a Roy's Place experience. Keep it up! Long live Roy!