Tavern On The Green Restaurant Owners Fight For Name
The LeRoy family has run New York’s renowned Tavern On The Green restaurant for nearly 40 years, but vows to fight to keep the rights to the name when the City of New York, which owns the building the restaurant occupies, enforces the cancellation of the restaurant’s operating license at the end of the year. The restaurant has been in continuous operation since 1934, and is the second-highest grossing independently owned restaurant in the United States. Its annual gross revenues are estimated to exceed $50 million. Tavern On The Green has been the site of dozens of celebrity wedding receptions and features a number of elegantly appointed dining rooms.
The City of New York denied the restaurant’s operating license renewal and the current occupants of the building must vacate the premises by January 1, 2010. Shortly thereafter, the restaurant filed for bankruptcy protection, but seeks to keep the name. The City of New York says it is the sole owner of the restaurant’s name because the name belongs to the building, and is entitled to award operating rights to others.
Most restaurant owners don’t enjoy the name recognition that Tavern On The Green does, but often experience similar financial problems. If you own a restaurant and are looking for restaurant financing, consider a merchant cash advance from Rapid Capital Funding. A merchant cash advance is the ideal small business loan alternative for restaurants and entertainment venues that collect most of their receipts in the form of credit card payments.
A merchant cash advance can put money in your account to help you manage the unexpected events that would otherwise disrupt your business. Your application can be approved within 24-48 hours in most cases and can provide a welcome stream of cash for renovations, bill payments and to help you manage your cash flow in uncertain economic times.
Contact Rapid Capital Funding and let us show you how to put your future credit card transactions to work for your restaurant today!
Photo Credit: Hmerinomx, via Flickr
Bookmark it
Leave a comment