Poor Tavern. It seems filing for Chapter 11 bankruptcy protection this week is just the latest in a recent history of downturns for the historic New York City restaurant. The official paperwork notes twenty creditors, including the New York Hotel Trades Council, owed nearly $1.78 million dollars.
With the restaurant located in the city’s grand Central Park, the Parks and Recreation department recently appointed a new operator for the location – Dean J. Poll, who operates the Central Park Boathouse. Mr. Poll is to take over the license later this year, with plans to invest $25 million in capital.
The famous eatery opened it’s doors nearly 75 years ago, and has been operated by the LeRoy family since 1975. Current CEO Jennifer Oz LeRoy cites the dismal economic times and the city’s move to grant operations to a new proprietor, quoting that the decision was “our only alternative given the current situation.”
“We are proud of the service we have provided to thousands of patrons over the years,” Ms. LeRoy said. “We plan to honor all of our obligations to our loyal employees and customers until our lease expires at the end of the year.”
Last year, Tavern on the Green lost a $2.2 million dollar sexual and racial discrimination lawsuit brought upon by former employees.
Photo credits: Tavern on the Green