Rick's Steaks must leave Reading Terminal by Oct. 31

June 2, 2008 9:09:35 PM PDT
Rick's Steaks has lost its court battle to stay in Philadelphia's Reading Terminal Market and will vacate the historic downtown site by Oct. 31. A judge ruled on May 9 that market management has the right to refuse to give Rick Olivieri a new lease.

Olivieri was originally ordered to vacate by the end of July 2007. He sued, and the market countersued.

Rick's has remained open in the meantime, but after further discussions with the judge on Monday, Olivieri agreed to move his shop by the end of October. In exchange, management will waive the legal fees it could have collected. Olivieri says that could have amounted to nearly $700,000.

Olivieri is scouting other locations, and still has a spot inside Citizens Bank Park.