Posted by Pete Hill
On September 8, 2009, Tavern on the Green filed for Chapter 11 bankruptcy. The CEO of Tavern on the Green stated that the decision came as a result of the extreme financial distress during this economic crisis and the city of New York not to renew their lease.
Tavern on the Green is one of the largest independently owned restaurants in the United States. It is located in Central Park and has been a landmark since it opened in 1934. The restaurant never desired to be anything more than a spectacle, which makes its bankruptcy a little more understandable.
Tavern on the Green is still open until its lease ends at the end of the year. As a result, there are determined to honor all of their obligations to employees and customers. Just four months before it was supposed to yield its license to another operator, one of the highest grossing independent restaurants has to unexpectedly file for bankruptcy.
With the United States starting to get a foot hold on this downward spiraling economy, hopefully Tavern on the Green will continue to do what it has since 1934.
Tavern on the Green is one of the largest independently owned restaurants in the United States. It is located in Central Park and has been a landmark since it opened in 1934. The restaurant never desired to be anything more than a spectacle, which makes its bankruptcy a little more understandable.
Tavern on the Green is still open until its lease ends at the end of the year. As a result, there are determined to honor all of their obligations to employees and customers. Just four months before it was supposed to yield its license to another operator, one of the highest grossing independent restaurants has to unexpectedly file for bankruptcy.
With the United States starting to get a foot hold on this downward spiraling economy, hopefully Tavern on the Green will continue to do what it has since 1934.
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