As noted in comments over here (and Morning News a couple days ago): Oceanaire has filed for bankruptcy and closed its Seattle restaurant (among others). The Seattle Times' Nancy Leson talked to two former Oceanaire chefs (including Kevin Davis of Steelhead Diner in Pike Place Market), but the best quote is from Wade Wiestling, the corporation's vice president of culinary development and chief executive of tautology: "The restaurants didn't fail. The economy failed the restaurants."

From The Stranger's restaurant guide circa 2007:

The Oceanaire is all about nostalgia and tasteful excess. The restaurant is HUGE, like an obscenely deluxe 1930s art deco cruise ship, with polished, curved wood, gleaming silver accents, leather booths, dark wood floors. The menu—printed new each day and roughly the size of the U.S. Constitution—holds an astounding array of options. There are nine salads to choose from (BLT salad with buttermilk-bacon dressing, $9.95; Dungeness crab Louis, $27.95), twenty-seven seafood entrées (Neah Bay ling cod á la forestiere, $36.95; sesame-seared Hawaiian mahimahi, $29.95) and six "steakhouse specialties," including an 18-ounce Kobe ribeye steak ($49.95).