Famous Death Row Last Meals
Debunking Beer Can Chicken: A Waste Of Good Beer, And Dangerous
Photo: ultraBobban, Flickr
The Glazier Group, which owns the New York steakhouse and six Strip House restaurants, filed for Chapter 11 bankruptcy protection in the U.S. Southern District Court on Monday, Crain's New York Business reported.
Owners Peter and Penny Glazier said the group's restaurants and catering venues, including Bridgewaters and the Twenty Four Fifth ballroom near Manhattan's Washington Square Park, will not be affected. (The Michael Jordan's Steakhouse at Mohegan Sun Casino, in Connecticut, is owned by the Cornerstone Restaurant Group, with no affiliation to the Glazier Group.)
"We are restructuring corporate debt," Peter Glazier told Crains. "We tried to make a deal with our lenders, and we could not." The restaurants, he added, are "doing very well."
The bankruptcy filing shows that The Glazier Group owes $5.8 million to General Electric Capital Corp. GE loaned the group $7 million in 2007, Crain's reported.
Several law firms and professional service providers have filed law suits against the Glazier Group. The filing estimates the group has between 50 and 99 creditors. "The stated reason for the bankruptcy filing is to deal with the GE loan, but it is clear that their problem goes beyond the secured lender," bankruptcy lawyer Fred Stevens of Fox Rothschild, told Crain's.
The Glaziers employ more than 550 people and operate Strip House restaurants in five states.
LOOK: Bank Vault Saves 22 Lives During Tornado
Live from Microsoft's New Generation Xbox event!
Demi Looks FANTASTIC In A Bikini
Xbox Reveal liveblog on Joystiq
Dozens Killed in Oklahoma Tornado; Death Toll to Rise
PHOTO: Dog Guards Dead Victim's Body After Oklahoma Tornado Disaster
Xbox One architecture panel liveblog!
H&M's Plus-Size Model Jennie Runk Says She Chose To Gain Weight
Brave Woman Stood Down Armed London Attackers
Okla. Sheriff's Deputy Finds Dog Guarding Body Buried Under Destroyed Home
Man Reportedly Beheaded In Brutal Assault In London Neighborhood
South American 'Crazy' Ants Are a Threat in Southern US
Selena Gomez Leaving Justin Bieber's House: Booty Call Rumors Swirl
Surgeon's Remove Giant Hairball From Tiger
Okla. School Survivor: Teacher 'Saved Our Lives'
Mother Dies With Infant During Oklahoma Tornado
U.S. Acknowledges Four American Citizens Killed In Drone Strikes
Mum-Of-Two Faces Down Woolwich Attack Suspects
Wolf Blitzer's Embarrassing Moment With Tornado Survivor
PHOTOS: Christie Brinkley Gets Back Into A Swimsuit At 59 Years Old
Help For Heroes Killing
The World's Most Powerful Women
Singer Sues McDonald's, Claims Chicken Sandwich Incident Ruined Her Voice
PHOTOS: Tornado Aftermath Leaves Trail Of Destruction
NY Times Eviscerates Obama White House
Who Won 'DWTS'?
White Father Allegedly Suspected Of Kidnapping Biracial Daughters
Tornadoes Strike Oklahoma
WATCH: Tornado Victim Finds Dog During CBS Interview
PHOTOS: This Is The Best Response To Abercrombie CEO Mike Jeffries We've Seen Yet
Tara Ellison: Why I Gave A Toast At My Ex-Husband's Wedding
11-18-2010 @7:23AM Jeffrey said... When I think of Michael Jordan, I think of "Sports Bar" not steakhouse. But I wish the owners the best. They have that entrepreneurial spirit that greases our job market. Even those who go on these blogs, pasting websites and adverstisements everywhere, are participating in capitalism.
Reply
11-18-2010 @7:29AM mzharleywood@aol.com said... So how does this affect the Glaziers...owners of the Tampa Bay Buccaneers??
Reply
11-18-2010 @11:23AM Kelly said... The Glazers own the Bucs and have controlling stakes in Manchester United, not the Glaziers...two totally different families.
11-18-2010 @8:37AM Edward said... Wow, the Glaziers also own Manchester United of the English Premier League (soccer) and they have some outstanding debts too....
Reply
11-18-2010 @9:13AM Hattie Crabtree said... I believe M J Nissan closed in Chapel Hill and I think moved to Durham.
Reply
11-18-2010 @11:07AM Steve said... Um no.........there has never been a Nissan dealership in Chapel Hill, NC.
Michael Jordans RPM Nissan has always been in Durham, NC.
The service there sucks by the way.
11-18-2010 @9:43AM GaryLynn said... Sounds like another Federal bail out to me !!!!
Reply
11-18-2010 @9:58AM bruce Williams said... Interesting...guess it makes good business sense to divid entreprenurial activities into small groups, so you can fail miserably at one, and not expect 50 to 100 creditors to have access to the huge profits from your non-failing enterprises. Morally bankrupt, but smart business savvy.
Reply
11-18-2010 @1:02PM Art said... That's how Donald Trump and other wealthy business owners have done it. Totally legal.
11-18-2010 @10:23AM jeffrey lebowski said... the steak in this ripoff joint tasted like roasted basketball...
Reply
11-18-2010 @10:27AM Bobby said... Lots of info amiss in this article. They say the Glazier group borrowed $7MM from GE capital & has knocked it down to $5.8MM in 3 yrs. time, not bad. Then the Glazier group states "they're doing great" which I would assume means their profits vs. revenue is positive. The kicker is they owe 50-90 other creditors which means they're not doing so well & they kept borrowing to keep the business alive. Someone's lying at Glazier, this is why the banks aren't lending because of the untrustworthiness of groups like this..
Reply
11-18-2010 @2:22PM Don said... Its about time for outbacks/carrabbas or chilis to go under. Both have been going down the tubes for the past several years and are equivalent to a dennys or ihop.
Reply