CBGB Copyrights Holder Files for Bankruptcy

CBGB Copyrights Holder Files for Bankruptcy
Despite the number of kids you see wearing CBGB shirts (and not knowing what the hell it means), not all is well in the realm of the legendary punk rock venue. On Friday (June 12), CBGB Holdings LLC, which bought the name and copyrights in 2008, filed for Chapter 11 bankruptcy in the U.S.

As the Wall Street Journal [via the The Daily Swarm] reports, CBGB Holdings' founding partners, James Blueweiss and Robert Williams, have yet to comment on why they filed the company for bankruptcy protection. The company, according to its bankruptcy petition, has assets and debts in the range of $1 to $10 million each.

The club, which in its heyday hosted performances by the Ramones, Patti Smith, the B-52's, the Talking Heads, Debbie Harry and more, shut its doors in 2006 after steep rent costs lead to legal battles with the building's landlord. The club's intellectual property was then bought up by Blueweiss and Williams, who, since buying the club's brand, have donated memorabilia to the Rock and Roll Hall of Fame Annex NYC and signed a distribution deal to sell T-shirts emblazoned with the club's iconic logo.

Hilly Kristal, who started the club in 1970, passed away in 2007 after fighting to keep the club doors open.