Shin’s Sushi Bar in downtown San Luis Obispo has new ownership and a new name — Aisuru — following a Chapter 7 bankruptcy filing.
Bankruptcy papers were filed Sept. 9 by Hyun Joon “Steve” Shin, president of the Dalin Corporation, which does business as Shin’s Sushi.
Under Chapter 7 of the federal bankruptcy code, a trustee is appointed to sell a company’s assets and distribute proceeds to creditors.
The corporate bankruptcy filing listed assets of $17,565 and liabilities of $49,759 — which are relatively low for such a filing.
Assets listed include a $1,000 freezer, $1,000 sushi case and $4,000 worth of frozen food.
Dalin Corporations’ largest debt was $30,087 to State of California Labor Commissioner Yong Jun Zhu.
Steve and Jane Shin opened Shin's Sushi in September 2004 after operating Yamato Japanese Restaurant in Grover Beach for six years.
Although bankruptcy papers list Hyun Joon Shin as president of Dalin Corporation, listings maintained by the city of San Luis Obispo list the owner as Min (who goes by “Jane”) Shin. She is also listed as the current owner of Yamato Sushi, which remains open in Grover Beach.
The Tribune attempted to contact the Shins through several avenues, including email, phone and Dalin Corporation’s bankruptcy lawyer, but they could not be reached for comment.
Even though the old Shin’s banner is still hanging above the restaurant, the restaurant’s new name is Aisuru, which means “to love” in Japanese, according to its general manager, Justin Kim.
Kim was manager for at least three years under Shin’s ownership, and was not aware that Steve Shin had placed the business in bankruptcy. Shin “wasn’t here much,” Kim said.
The San Luis Obispo city clerk’s office confirmed that in July, a corporation called C52297 Inc. became the owner of Aisuru, at 1023 Monterey St., and that Matthew H. Kim is listed as its president.
Manager Justin Kim (no relation to the owner) said that Matthew Kim is from Los Angeles. The Tribune was unable to reach the new owner.
“It’s been really slow,” Justin Kim said, estimating that sales at the sushi restaurant are down 20 percent to 30 percent compared with two years ago, in 2011.
Aisuru currently has 20 to 25 employees, Kim said. “The new owner wants to keep the same concept,” he said.