A bad deal left this Milwaukee Asian market in financial trouble. It's hosting a fundraiser.

Jessica Rodriguez and Tom Daykin, Milwaukee Journal Sentinel
·1 min read
Phongsavan Asian Market, shown in this 2016 photo, was home to dozens of vendors before being sold to 5xen Inc. in 2020.
Phongsavan Asian Market, shown in this 2016 photo, was home to dozens of vendors before being sold to 5xen Inc. in 2020.

A once-thriving Asian market is holding an event aimed at helping it rebuild and keep its doors open.

Phongsavan Asian Market, 6300 N. 76th St., is hosting a fundraiser Sunday. It'll sell pho for $20 per bowl from 11 a.m. to 6 p.m.

Owner Pai Yang started the Asian Market in 2009 with a few food carts outside of a foreclosed auto shop in Milwaukee.

The market was once a one-stop shop for food, clothes and other services. It served primarily Milwaukee's Hmong community and provided jobs and visibility for local vendors and small businesses.

In 2020, Pai Yang sold Phongsavan Asian Market to 5xen Inc. through a land contract. She remained liable for the property's mortgage debt even though 5xen agreed to take over making payments to the bank. When 5xen stopped making payments, Chicago-based Byline Bank in 2022 filed a foreclosure suit.

In January 2023, Yang obtained a judge’s ruling allowing her to take back control of the market after 5xen failed to make a $3.6 million payment to her.

In a subsequent lawsuit, she said 5xen ruined the property and committed theft by stripping it of its fixtures. In May, Yang was granted a default judgment against 5xen, but the property remains in foreclosure.

This article originally appeared on Milwaukee Journal Sentinel: Phongsavan Asian Market hosting fundraiser to help with financial woes