Filed under: Dining
A restaurant on New York's Madison Avenue has filed for bankruptcy. Frederick's Madison restaurant, which serves French fare, filed for Chapter 11 in order to avoid eviction. Crains New York reports that the restaurant has been unable to pay its rent for the past four months and owes its landlord $261,187 as well as owing more than $145,000 in unpaid taxes to New York state and carrying thousands in outstanding debt with vendors.
The owner, Frederick Lesort, who also runs Opia and Frederick's Downtown believes that he can turn this business around in six months and emerge from Chapter 11. He has reduced menu prices by thirty percent (steak au poivre will cost you $36 according to a dinner menu on their website. Also a competing restaurant in the neighborhood, La Goulue, is set to close in June so Lesort feels he has a clearer shot at keeping Frederick's Madison alive.