Boystown mainstay Cocktail bar is readying to reopen after a month of being shuttered due to tax problems, according to owner John “Geno” Zaharakis.
Zaharakis said that the bar will reopen in early January and throw a grand reopening party in mid-January, the details of which will be announced after New Year’s.
Cocktail has been closed since Nov. 28 after losing its liquor license due to overdue sales taxes owed from an audit last year. Similar problems caused the bar to close for three days in September.
Zaharakis said that the bar has secured a loan that will allow them to reopen in the new year.
A combination of factors set the bar behind on its overdue payments, he said. Cocktail underwent major renovations in recent years, while the bar was audited and the economy slowed.
Sue Hofer, spokesperson for the Illinois Department of Revenue (IDR), confirmed that Cocktail’s license could be restored as soon as back taxes are paid. Hofer said that the money owed is from sales taxes, just like those that all businesses collect and are required to forward on to the IDR.