The Trocadero files for bankruptcy protection? (So sayeth the Philadelphia Inquirer)
Well, here’s a bit of news (from the Philadelphia Inquirer‘s Joseph N. DiStefano):
“The Trocadero Theatre, the Chinatown venue where, as a veteran editor reminds me, strippers Lili St. Cyr, Gypsy Rose Lee and Blaze Starr wowed ’em in the days before naked women danced free on the Internet, has filed for bankruptcy protection.
Joon Associates Inc. and its President, Joanna Pang, asked for court permission to reorganize the Troc, lately a rock-and-roll concert venue, today in US Bankruptcy Court in Philadelphia “to obtain a breathing spell from creditors while it negotiates a restructuring of its debts” according to the petition (US BC E.Pa. 11-16432).”
According to the article, “Pang blames the high cost of cutting Ticketmaster a share of the proceeds for every show in the face of declining sales” as a reason for the filing. Other than that, however, there’s not a whole lot of additional info. But definitely a development to keep an eye on.