Owners of the CBGB Name File for Bankruptcy in NYC

MUSIC NEWS- CBGB Holdings LLC, the company that purchased the license to market the name and brand of the legendary New York City punk rock club CBGB has filed for bankruptcy on Friday in Manhattan court.  CBGB was the East Village (315 Bowery @ Bleeker) NYC club started by Hilly Kristal that give acts such as the Ramones, Talking Heads, Patti Smith, Mink DeVille and Blondie their initial start.  The club, which opened in 1973, shut down in 2006.

After the closure, investors bought the name and intellectual property rights in 2008, with intentions of reviving the brand by selling T-shirts and other rock memorabilia. Bravado Merchandising, a divison of Universal Music Group, previously signed merch deals for the iconic CBGB logo and images.  No word from the company on the bankruptcy.

As part of the filing, the firm listed debts of $1 million to $10 million but the filing does not say why the company was seeking bankruptcy protection.