New York City's Tavern on the Green Files for Chapter 11 Bankruptcy
75 year old New York City landmark, Tavern on the Green, filed for Chapter 11 bankruptcy on September 9, 2009. Internationally known, the restaurant name alone is valued at $19 million dollars. Still, name recognition and a fabulous location wasn't enough for the Central Park restaurant to combat the recession, which has been brutal for the national restaurant industry. Tavern on the Green is the nations second largest grossing independent restaurant. According to Bloomberg, the Tavern on the Green is roughly $50 million dollars in debt. The restaurant will continue to operate as usual while the financial reorganization takes place.
2008 saw 684 restaurants close in New York City, alone. So far this year, 512 have shut their doors. Let's hope that 2010 will see that number drop.
Check out these videos from Tavern on the Green
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