The Glazier Group, a New York-based operator of high-end restaurants and catering venues has filed for Chapter 11 bankruptcy protection, according to court documents filed this week.
The company owns and operates Bridgewater’s, 24 Fifth Avenue and Michael Jordan’s The Steakhouse NYC in New York and six Strip House steakhouses in New York, New Jersey, Florida, Texas and Nevada.
Peter Glazier, who owns the company with his wife, Penny, said all of the restaurants will remain open during the proceedings. Glazier said the company had attempted to reach an agreement with its lenders, but was unable to.
“We’re restructuring corporate debt,” he said. “The restaurants themselves are fine.”
In court documents filed in the U.S. Southern District Court of New York, the company said prior to the recession it had been expanding restaurant operations. But after deploying “too much of its liquidity in expansion, [Glazier Group] in the downturn was forced to close five of its newly opened restaurant facilities” as it attempted to pay down its loan to GE Capital Corp., its largest secured creditor.
According to court documents, the company and its affiliates have assets of about $15.2 million and liabilities of about $26.8 million.
Contact Paul Frumkin at [email protected].
