Tavern on the Green Files for Bankruptcy
A spokesperson for the LeRoy family says the restaurant will remain open during reorganization.
-- Restaurants & Institutions, September 10, 2009
Tavern on the Green, the iconic 75-year-old restaurant in New York City's Central Park, filed for Chapter 11 bankruptcy protection Sept. 9 in Manhattan, Bloomberg reports.
With 2008 sales of $34.2 million, Tavern on the Green ranked No. 2 on R&I's 2009 list of the highest-grossing independent restaurants in the country.
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In August, the New York City Parks Department awarded a 20-year operating lease for the restaurant to Dean J. Poll, operator of Central Park Boathouse. Tavern's current operating license, held by the family of late restaurateur Warner LeRoy, expires Dec. 31. The LeRoy family had hoped to keep the restaurant's operations within its control; it still owns rights to the Tavern on the Green name. Plans for the Tavern on the Green space under the new lease included a $25 million investment in building renovations.
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Recipe: Lobster and Fennel Bisque, adapted from the "Tavern on the Green" cookbook by Kay LeRoy and Jennifer Oz LeRoy
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