After 99 years as a Broadway institution, Sardi's is being acquired by the Shubert Organization in a deal that will close the iconic restaurant for renovations. Current owner Max Klimavicius, who rose from kitchen assistant to sole proprietor over 33 years, is selling the restaurant's name, 1,000 caricatures, and kitchen fixtures to the theater company giant.

Klimavicius, 71, will continue running Sardi's until June 24 before a months-long closure for upgrades. The restaurant's art collection was appraised at $6.9 million in 2020, though financial terms of the sale weren't disclosed. Shubert chairman Robert Wankel emphasized the restaurant's importance to the theater district, promising to preserve the celebrity caricatures while upgrading lighting, ventilation, and plumbing.

The sale marks the end of an era for the Theater District landmark founded in 1927 by Vincent Sardi Sr. The Shubert Organization, which owns the building housing Sardi's, plans to bring in a new restaurateur, though the menu may change slightly. With 74 employees facing an uncertain future, many will likely need to reapply for positions when the renovated Sardi's reopens, possibly by November.