Chapter 11 Part Deux: Pink Elephant's Owners File For Bankruptcy1 comment

First Merkato, now Pink Elephant Southampton and Day & Night. I am not a fan of Chapter 11. Not a fan at all.

The Cheshire Cat sent over this article. Here’s the gist of it:

Chandeliers, strobe lights and a sound system designed by a NASA engineer couldn’t ward off the rece bssion from a constituent of Manhattan’s nightclub scene.

Struggling in a pool of debt, Southampton Yen Restaurant Group, owners of trendy Chelsea nightclub Pink Elephant and Hamptons hot-spot Day and Night, filed for bankruptcy protection. On Wednesday, Southampton Yen Restaurant Group filed for Chapter 11 reorganization in the U.S. Bankruptcy Court Southern District of New York.

David Sarner and Rocco Ancarola co-own Pink Elephant with Robert (Bobby) Montwaid.

“We are going to continue to operate as usual,” Mr. Sarner said. “We think it’ll be able to allow us to breathe a little easier.”

I hope Pink Elephant gets back on it’s feet. I have a blast there and summer is just getting started!