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With annual sales that frequently exceeded $30 million, the restaurant filed for bankruptcy protection earlier this year, sparking a flurry of legal action from creditors and a lawsuit in which the LeRoy family seeks to keep the restaurant's name, The Wall Street Journal reported Thursday.
Known for its art deco Tiffany chandeliers and tourist-oriented menu, the business fell victim to the recession. It's $33 million in sales in 2008, was a drop of $4 million from the previous year, the newspaper said.
The restaurant's 450 creditors include Kay LeRoy, whose husband founded the business in 1974 and who loaned the restaurant $1.9 million. The New York Hotel and Motel Trades Council, the union representing its 400 employees, claims it is owed $1.7 million.
The space will not go to waste. The city signed a contract with a competitor, Dean Poll, who runs a rival Central Park eatery, the Boathouse Cafe. Poll has said he will spend $25 million revitalizing the Tavern, which he said he would name Tavern in the Park, if the lawsuit over the name is lost.
Copyright 2009 by United Press International.
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