Tavern on the Green files for bankruptcy, assures union it will pay debt

Tavern on the Green filed for bankruptcy protection under Chapter 11 on September 9, just two weeks after losing the restaurant's operating lease to Dean Poll, operator of the Central Park Boathouse restaurant. Like many other businesses in the hospitality industry, Tavern has suffered under the recession. However, according to Jennifer Oz LeRoy, chief executive to Tavern, losing the rights to lease the property was what ultimately pushed the restaurant to file for bankruptcy.

Among its many debts, Tavern owes the Hotel Trades Council Employee Benefit Funds $1.78 million. The LeRoys have assured Funds that they intend to pay every cent of what they owe. Furthermore, HTC President Peter Ward said the union will do whatever it has to recover that money.

Collins, Glenn. Tavern on the Green Files for Chapter 11. NY Times, September 9, 2009.
Fickenscher, Lisa. Recession pushed Tavern into bankruptcy. Crain's NY Buseiness, September 10, 2009.