Tavern on the Green Restaurant in NYC Files for Chapter 11
Tavern on the Green, a famous restaurant in the middle of Central Park, has filed for Chapter 11 Bankruptcy protection. It will have to yield its license to another operator.
In a statement, the current license holder, Jennifer Oz LeRoy, chief executive of Tavern, said that the filing was “our only alternative given the current situation.” She said the decision was the result of “two factors — the extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew our license.”
On August 28th, it was announced that the 20-year-license will be taken over by Dean J. Poll, who also runs the Central Park Boathouse restaurant.
Ms. LeRoy, whose dad Warner LeRoy started the restaurant but died in 2001, had this to say:
“We are proud of the service we have provided to thousands of patrons over the years,”
“We plan to honor all of our obligations to our loyal employees and customers until our lease expires at the end of the year.”
Their lease ends on December 31st.
20 creditors are owed by the restaurant, the largest being the New York Hotel Trades Council and they are owed $1,778,764.
Tavern on the Green was once one of the highest-grossing independently owned restaurants in the whole of the United States.