Why Does Shari’s Have a “Pie Shortage”?

I went to Shari’s in Beaverton last week to buy a pie to take to a friend’s house for dessert. The pie display case was empty and the host said none of the area Shari’s locations had any pies at all due to a “pie shortage.” What’s going on? —Pieless in Beaverton

Shari’s is going through a lot right now, OK? Social media are rife with complaints like yours; they’ve closed multiple locations in recent months; and news outlets are reporting stiffed vendors, unpaid taxes, and potential evictions for nonpayment of rent. If Shari’s were a person, it would be living in its car.

But before you start checking its glovebox for a telltale meth pipe, you should know that industry stalwarts like Denny’s and Applebee’s have also been closing stores recently. Times are tough for late-night family dining restaurants across the board.

Is Shari’s destined to rest eternally in the overflowing bus tub of history, like Burger Chef and Howard Johnson’s? They didn’t return calls from me, KGW, or the Tacoma News Tribune, which is never a good sign. Then again, a June 2023 press release did report new investment in their Oregon locations from “supportive partner” MGG Investment Group.

You may be skeptical that Shari’s could be restored to glory by soulless corporate scumbags—but it’s actually been run by soulless corporate scumbags this whole time! The chain was acquired in 1999 by Fairmont Capital (which sounds like the villain’s dad’s company in a John Hughes movie), who handed it off to fellow scumbags Circle Peak Capital in 2005, who in turn dished it to the pre-MGG Gather Holdings. Shari’s whole history has been a game of private-equity hot potato, except they’re out of potatoes.

The details of the MGG deal aren’t public. That said, the press release specifically highlighted MGG’s video lottery expertise. Meanwhile, The News Tribune reported that a separate entity called “Shari’s Non-Oregon Holding LLC” was registered in Washington in April 2024, and is the named respondent in recent debt cases.

I’m just spitballing here, but loading down the non-Oregon entity with debt and spinning it off into oblivion while concentrating on the Oregon locations (and their reliable video lottery revenue stream) certainly sounds like something a private equity firm might do. But who knows? Maybe Shari’s took the money and spent it all on beer, pot and a hooker. Hey, at least they’re not bullshitting you.

Questions? Send them to dr.know@wweek.com.