Music
CBGB company files for bankruptcy
by Ciaran Thompson
June 14, 2010
It’s not uncommon to see different coloured CBGB t-shirts everywhere you turn. The apparel side of the business appears to be doing mighty fine, however CBGB Holdings LLC, the company that owns the rights to market the famed New York City club, have filed for Chapter 11 bankruptcy.
Located in Manhattan’s East Village, the bar closed its doors in 2006 after a battle with the landlord over high rent costs. It first opened in 1973 with owner Harvey Kristal in control of operations under the name CBGB OMFUG, which stands for “country, bluegrass, blues and other music for uplifting gormandizers.” Many of the early punk acts like The Ramones, Talking Heads and Patti Smith all performed there.
The name and intellectual property rights were bought by investors in 2008. According to the CBC, the filing lists debts of $1 to $10 million US, but doesn’t say why they’re seeking bankruptcy protection. [CBC]
