After first announcing the bar would close temporarily due to a feud between owners and financial woes, Circuit nightclub owner Mike Macharello announced the business will not reopen.
ChicagoPride.com reports Macharello made the announcement in BOI Magazine, which he used to publish.
"The business has been difficult on the both of us, and we got through the worst of times together," said Macharello in the statement. "I always wish Patrick [Harms, co-owner] the best."
The publication’s website is now just one page reading, “Effective November 1, 2012. BOI Magazine is no longer under the control of Michael A. Macharello. Further information will be posted as it becomes available.”
Debt collectors have reportedly sized both the magazine and the nightclub, according to the Windy City Times.
Macharello wrote a letter published earlier this month on the bar's website detailing issues with the club's landlord, saying he "continues to raise the rent on us by thousands of dollars."
However, Franklin L. Friedman of Sterling Properties, which manages the building, says Macharello's statement is "absolutely and completely false."
Friedman said he actually negotiated a significant rent reduction in August of 2010 due to the poor economy. In addition, Patrick Harms, a co-owner of Circuit, told the publication he and Macharello have been unable to reach a common ground about the business practices at the nightclub.
The statement says co-owner Patrick Harms is open to the idea of opening a completely new club at Circuit's former home.