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Landmark New York City Restaurant, Tavern on the Green, Files Bankruptcy

Historic Central Park Restaurant Files Bankruptcy Before Changing Hands
By Sasha M Pardy
September 10, 2009 | 4:44 AM

One of the most famed restaurants in the country, Tavern on the Green in New York City's Central Park, filed Chapter 11 on September 10, 2009. The Tavern's CEO, Jennifer Oz LeRoy, said the restaurant suffered from the recession, as well as the City's decision not to renew the lease. Originally, the building that Tavern on the Green is located in at Central Park West and 67th Street, was a Victorian-style building that housed the 200 sheep that roamed Central Park. Tavern on the Green opened at the spot in 1934 and the LeRoy family took it over in 1976, which is when the restaurant started to climb in fame. The 27,000-square-foot restaurant has six dining rooms, can seat 1,500 people and is one of the only restaurants in the City with a parking lot. Tavern on the Green's publicist reported that the restaurant was the second-highest grossing independent freestanding restaurant in the country in 2008. The company listed assets and liabilities between $10 million and $50 million in its filing. The Tavern is expected to operate as normal through December, but then a new licensee, Dean Poll, is scheduled to take over the restaurant, with a $25 million renovation planned. However, Poll may lose the restaurant's name if the LeRoy family decides not to sell it. Poll currently operates another Central Park restaurant -- the Boathouse.

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