The news was first reported by KOIN earlier today.
Founded in 1963 by Horst Mager—and currently run by his daughter Suzeanne Mager—Der Rheinlander German restaurant has long been a destination to countless school groups, birthday parties, fondue-lovers, wearers of lederhosen and people who like to sing inappropriately in foreign languages.
Der Rheinlander has always been as much theme park as restaurant—a castle and patio with countless rooms filled with knick-knacks and echt-Deutscher kitsch. The company Mager founded, Guten Foods, also owns a chain of Gustav's restaurants throughtout the Portland area, and will be opening an additional Gustav's "Bargarten" at Cedar Hills Crossing by the end of 2017.
According to the release, all Der Rheinlander employees in good standing will be given raises and relocated to other Gustav's locations.
The sale is expected to close Friday, but you'll have at least through December to drown your sorrows in hot fondue.