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Owners Richard and Shana Oseran, who also own across the street at 311 E. Congress St., said they closed the business on May 31 and will evaluate their options before deciding if they will reopen in the fall.

“We’ve taken a financial bath over there,� Richard Oseran said Monday as news of the closure and speculation of the restaurant’s future started making its way around social media. “We’re not 100% that we won’t reopen, but we’re certainly considering that.�

Oseran said the couple has “dumped several million dollars into that business� since opening in 2008 and have been “writing checks out of my savings� to keep the business afloat post-pandemic.

“I’m talking big numbers,� he said. “There was no way that we could operate through the summer with the losses we were sustaining.�

Oseran said they notified Maynards’ employees, mostly made up of about 15 part-timers, last month that the restaurant would close on May 31 for the summer months and offered several workers positions at Hotel Congress.

The Oserans were the second ones to operate a restaurant in the Historic Depot at 400 N. Toole Ave., owned by the City of Tucson Department of Transportation. Central Bistro was there from 2006-08 and when it closed, the Oserans saw an opportunity to build up that east end of downtown, where Congress and Toole meet the underpass for North Fourth Avenue.

Richard Oseran said he spent tens of thousands of dollars renovating the space including creating the market area.

When it opened, Maynards was downtown’s only true upscale restaurant, with a chef-driven menu from founding chef Addam L. Buzzalini that included slow-braised beef short ribs, housemade gnocchi tossed with sweet figs, stone-baked pizza and grilled apple bruschetta.

The menu under Chef Roderick LeDesma, who has helmed the kitchen for about a year, includes a pan-roasted duck breast dressed with a chiltepin and Mexican sugar glaze, wild caught black cod with coconut creamed corn and potatoes and LeDesma’s decadent take on avocado toast, the “Foie-Voacado Toast� appetizer made with foie gras ganache and avocado mousse.

If the restaurant reopens in the fall, LeDesma will continue as executive chef, Shana Oseran said. LeDesma could not be reached Monday for comment.

The Oserans, however, say they haven’t decided what they will do with Maynards come fall.

“We’re still looking at all our options and all our alternatives and trying to figure it out,� said Richard Oseran, who admitted that at 80 years old, “continuing to operate in this manner is a little too much for me.�

Oseran said he has spoken with some local chefs about coming in as chef-operators to run the restaurant “and we’ve made certain offers to people that could come in and continue to operate the business.�

Oseran said his lease with the city expires at the end of November.

City officials on Monday said they were unaware that Maynards had closed for the summer.