chapter 11

Tavern On The Green Files Chapter 11, A Sad Day for New York Restaurants

A grim day for New York restaurants. September 9th will be remembered as a day of sadness for two legendary New York restaurants. Indeed, that day Tavern on the Green and Cafe des Artistes both filed for bankruptcy in U.S. Bankruptcy Court, Southern District of New York.

The Chapter 11 bankruptcy filing is just another nail in the coffin for Tavern on the Green. The restaurant was already scheduled to close on December 31st anyway, as a new 20-year license was sold to the operator Central Park Boathouse. The restaurant will continue to operate and accept reservations through December 31st.

Tavern on the Green has long been nothing short of a a New York landmark. Generations have celebrated countless special events there. The restaurant has appeared in many films and TV shows over the years, including "Arthur", "Wall Street" and "New York Stories".

Taken over by Warner LeRoy more than 25 years ago, it was once one of the most successful restaurants in the country with a $40 million dollar operation, a staff of 525 and nearly 500,000 patrons annually. Only one block away from Tavern on the Green, is the shuttered Cafe des Artistes. It filed a voluntary petition for Chapter 7 bankruptcy protection.

Gallery: Restaurant Woes

Tags: chapter 11, Chapter11, new york city, NewYorkCity, tavern on the green, TavernOnTheGreen

Lenny Dykstra No Longer In Charge Of His Own Destiny

by Deidre Woollard (RSS feed) —

You've got to hand it to Lenny Dykstra, the former baseball player is a fighter. But Dykstra lost a major battle this week when a bankruptcy judge ruled that he lose control of his Chapter 11 bankruptcy and turn over management of his financial affairs to a court-appointed trustee.

Judge Geraldine Mund had told Dykstra last month that if he wanted to be in charge of his own reorg he had to come to court showing that both of his homes were insured and listed for sale and to provide a business plan showing how he would manage his Chapter 11 reorganization. Dyktstra's home in Thousand Oaks, California is not insured because he is still battling with Fireman's Fund. Dykstra said he has a $12 million offer for the home, which he bought from Wayne Gretzky, from someone who "runs a hedge fund." He had no proof to this effect. He also said that Louis Vuitton had promised $10 million for a 49 percent stake in relaunching his Players Club magazine and expanding it in Europe. The only evidence he had was an email signed Bernard referring to Bernard Vuitton Juhen. Bernard Arnault is the chairman of Louis Vuitton Moet Hennessy. Bernard Vuitton Juhen appears to be a Vuitton family member. The email gave no specifics as to when or if $10 million would be paid although Dykstra said he'd get the money when the magazine published. How he would raise the money to publish in the first place wasn't clear. Judge Mund decided that an outside trustee is in "the interest of creditors and Mr. Dykstra, even if he doesn't think so."

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Tags: bankruptcy, chapter 11, Chapter11, lenny dykstra, LennyDykstra

Two More Hotels Face Chapter 11

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Another hotel developer has filed for Chapter 11. River Road Hotel Partners LLC, the developer of the InterContinental Chicago O'Hare is one of six development entities led by Harp Group Inc. involved in the filing.The 556-room hotel opened last fall. According to Crain's, River Road Hotel Partners LLC, has a $128.6-million construction loan from New York-based Amalgamated Bank that matures in February 2010 and another loan with San Diego National Bank. The developers have been trying to renegotiate the terms of the loans but the project has also been hit with liens from contractors.

This Chicago hotel may not be alone, the Crain's report says that the nearby Westin O'Hare may default on a $101-million loan. Another hotel related to these developers, the Radisson Hotel at Los Angeles International Airport is also part of another Chapter 11 filing in which two Harp-related entities listed assets of $50 million to $100 million against liabilities of $100 million to $500 million. Both hotels remain open and are doing business as usual.

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Tags: chapter 11, Chapter11, chicago, hotel bankruptcies, hotel bankruptcy, HotelBankruptcies, HotelBankruptcy, los angeles, LosAngeles

The Oceanaire Restaurants File For Chapter 11

by Deidre Woollard (RSS feed) —

Filed under: Dining

A seafood restaurant chain with outlets around the country, The Oceanaire Inc. has filed for Chapter 11 bankruptcy protection. The Oceanaire listed assets and debts of between $10 million and $50 million and filed for Chapter 11 in Dallas. It has asked a U.S. Bankruptcy Court to close some of its restaurants. So far it has closed restaurants in ~~Seattle,~~ Cincinnati, Charlotte, Philadelphia and Seattle. The Oceanaire serves fresh seafood, lobster, crab and has an oyster bar and traditional caviar service served in a decor designed to evoke a classic ocean liner feel. The company is working with lenders on a restructuring plan and plans to emerge from Chapter 11 by the end of the year. The twelve other locations in Denver, Atlanta, Baltimore, Houston, Indianapolis, Miami, Minneapolis, Orlando, San Diego and Washington D.C. will remain open.

Gallery: Restaurant Woes

Tags: chapter 11, Chapter11, oceanaire

David Webb Files Chapter 11

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

Another iconic jewelry company has filed Chapter 11. It has been announced that David Webb filed Chapter 11 yesterday reporting assets of $10.3 million and liabilities of $6.9 million. Diamonds,net had a look at the documents which show that while gross sales for the fiscal year ending June 30, 2008, were $13.2 million, total sales for the coming fiscal year ending June 30, 2009 were not expected to top $5 million. The company estimated operating expenses for the next 30 days at $377,927 with expected sales of approximately $400,000. The "Silberstein Family Partnership" is listed as sole owner of the company. The company has been in business over sixty years and has provided jewelry for some of the most legendary jewel connoisseurs in the world including Elizabeth Taylor, The Duchess of Windsor and Princess Grace. David Webb pieces which often feature animals and naturalistic themes remain some of the most collectible pieces in the jewelry world.

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Tags: bankruptcy, chapter 11, Chapter11, david webb, DavidWebb, jewelry

Fontainebleau Las Vegas Goes Chapter 11

by Deidre Woollard (RSS feed) —

Filed under: Real Estate Developments

More trouble on the Las Vegas Strip. The Fontainebleau Las Vegas, a $3 billion resort under construction on the Strip has filed for bankruptcy-court protection. The resort has sued a group of lenders who reportedly backed out of an $800 million loan that was necessary to complete the project. Fontainebleau Las Vegas has said that is is filing a $3 billion lawsuit against its lenders for breaking their commitment to the project.

In related news, Crown Ltd., Australia's largest casino owner wrote down the value of its 19.6 percent equity stake in Fontainebleau Resorts LLC to zero. The carrying value of $22 million of debt in Fontainebleau is also expected to be written down to nothing and Crown doesn't plan to contribute anything else to the project.

The resort owners have said that they are still pursuing alternate financing to finish the project. For now though, construction has slowed to a crawl. The Fontainebleau would offer nearly 4,000 rooms in the area where the El Rancho and Algiers casinos were once located. it includes a casino, spa, performing arts theater, condo-hotel units, retail space, conference space and nightclubs, lounges, restaurants and even a chocolate factory. It was expected to open later this year. An animated rendering of the project is after the jump.

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Tags: chapter 11, Chapter11, fontainebleau, las vegas, LasVegas

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Michael Beaudry Files Chapter 11

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

Another red carpet jeweler has filed Chapter 11. Michael Beaudry Inc.,puts its estimated creditors at between 50 and 99 with assets ticked in at between $10 million and $50 million. Sister company Centerstone Diamonds filed for Chapter 11 at the same time.The company's total debts were not listed but the top 20 creditors are owed over $2 million. Michael Beaudry is second generation jeweler, his uncle was a diamond cutter. Beaudry began as a diamond cutter and moved into making jewelry, rising quickly to become a celebrity favorite.

Back in February, Beaudry put a lavish Beverly Hills home on the market. It remains listed at $13.5 million.

Gallery: Luxury Brands In Trouble

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Tags: chapter 11, Chapter11, jewelry, michael beaudry, MichaelBeaudry

Madison Avenue Restaurant Files For Bankruptcy

by Deidre Woollard (RSS feed) —

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.

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Tags: chapter 11, Chapter11, fredericks madison, FredericksMadison, madison avenue, MadisonAvenue, new york restaurants, NewYorkRestaurants

Lusso Collection In Bankruptcy

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Just last August, my colleague Jared Paul Stern reported that the Lusso Collection, a luxury destination club, had assembled a portfolio of multi-million dollar residences and announced an exclusive new membership club to augment their existing offers. Now, the club is in financial trouble. The Lusso Collection filed for Chapter 11 bankruptcy protection last month, leaving many members and visitors wondering what this means for their vacations and their money. Members paid one-time, refundable enrollment fees of $325,000 to $445,000 and annual dues of $21,000 to $31,000 depending on the type of properties and amount of vacation time used.

The combination of the falling stock market and the depressed market led to both less membership sales and less value for Lusso's existing properties. Lusso has more than 150 members and homes in 16 locations around the world. It is currently reorganizing and members are still be able to book stays at the club properties. Lusso joins another luxury club Yellowstone, which filed Chapter 11 in November.

[via Minneapolis Star-Tribune]

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Tags: bankruptcy, chapter 11, Chapter11, lusso collection, LussoCollection

Lenox Files For Bankruptcy

by Deidre Woollard (RSS feed) —

China and collectibles maker, The Lenox Group has become the latest company to stumble in the current economic climate. The company filed for Chapter 11 bankruptcy protection this week. Lenox usually does a brisk business this time of year in gifts, ornaments and holiday dinnerware. The company was known as Department 56 until 2005 when it changed its name after buying Lenox Inc., a fine-china maker. It says debt related to the acquisition and the weakening financial markets lead to the filing. Like many other companies, Lenox will continue to operate during the bankruptcy. It is seeking $85 million in financing from its lenders to pay employees and normal operating expenses.

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Tags: bankruptcy, chapter 11, Chapter11, lenox

The Sharper Image Files for Bankruptcy

by Rigel Celeste (RSS feed) —

Filed under: Gadgets

The Sharper Image, home over the years of all kinds of iconic gadgets like Razor Scooters and the Ionic Breeze air purifier line, has filed for Chapter 11 bankruptcy. They've seen net losses for the last 3 years, and earlier this week their stock plummeted all the way down to $0.41 per share.

Their downfall seems tied to the fact that they've always been so focused and dependent on the success of very limited and focused products. They're hoping to make a comeback, though, borrowing $60 million dollars and closing 60 of 183 stores nationwide.

I've always loved shopping in their stores and browsing their catalogs -- I hope they get it together and recover from this!

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Tags: bankrupt, bankruptcy, chapter 11, Chapter11, sharper image, SharperImage

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