It's both...closed and under new ownership. They're going to open another restaurant but probably not a "sushi" place. If you have Saiko gift certificates, you can use them at the other restaurants in the chain (Opera, Marche, Gioco, Red Light).
We liked going there...well, mostly b/c they kept giving us coupons.

That's probably why most other people went as well. You're right though, it was always mostly empty. We liked the food and were never disappointed with our meal. I'd like to know where the chef is going b/c his sushi was a nice change, IMO.