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Hines said the business was successful and that he had in fact been making regular loan repayments. Hines contends the bank acted unreasonably in pressuring Kristof’s aunt to turn over ownership of the business and resisting his requests to accommodate his efforts to get the restaurant’s affairs in order. Ultimately, he said, his attempts broke down and Kristof’s aunt signed the restaurant’s deed over to Village Bank, which gave it the authority to shutter the business it apparently viewed as insolvent.

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Hines said he’s spent the past year and a half attempting to renegotiate a series of operating agreements to obtain ownership over the restaurant, keep it open, and settle both the loan and an increased property tax bill that resulted from the building repairs.

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Once Kristof died, full legal ownership of the business - as well as a federal small-business loan in his name - was transferred to his aunt, a beneficiary. Hines and Kristof took over the business in April 2021, and Kristof died unexpectedly a few months later.Īfter buying the restaurant, Kristof and Hines also spent about $150,000 in unforeseen but necessary repairs to the building and kitchen. Paul about 50 years ago before moving to Inver Grove Heights. The business began as The Pizza Factory in South St. But Hines said his requests that Village Bank shutter the business on a mutually agreed-upon date, so Hines could close the restaurant and process final payroll on his own terms, had gone unanswered.

He knew the restaurant’s closure was on the horizon, as the temporary operating structure established in the wake of owner Craig Kristof’s 2021 death had dissolved. “We don’t know what the future holds but have enjoyed serving you.”Ĭo-owner Jason Hines said he was surprised to find that Village Bank had locked down the building on Saturday, March 11. “After 50 years of serving pizza to our community and many loyal customers we want to thank you for your patronage over the years,” according to a statement posted to the restaurant’s Facebook page. Its current owner said the restaurant could reopen elsewhere as soon as this summer. Popular Inver Grove Heights restaurant Old World Pizza closed abruptly over the weekend, amid a dispute with its bank following the August 2021 death of a co-owner.