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CBGB brand owner files for bankruptcy

CBGB fans gather outside of the iconic New York club to attend its final concert on Sunday, Oct. 15, 2006, in New York. A homeless advocacy group, which owns the property, is not renewing CBGB's lease. It expired in August 2005. The grungy club, which has been a fixture in downtown New York, will close October 31st.
June 12, 2010 9:25:19 AM PDT
The company that bought the right to market the name of the legendary New York City rock club CBGB has filed for bankruptcy.

In its punk heyday, CBGB hosted acts such as the Ramones, the Talking Heads, Patti Smith and Blondie.

The venue closed in 2006, but investors bought its name and intellectual property rights in 2008, hoping to revive the brand by selling T-shirts and other memorabilia.

CBGB Holdings LLC filed for Chapter 11 bankruptcy protection Friday in Manhattan.

The company has listed debts of $1 million to $10 million in its court filing. The petition does not say why the company was seeking bankruptcy protection.

An attorney for CBGB Holdings did not immediately return a call seeking comment.

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