Club owner promoter Marc Barnes, who owns The Park at Fourteenth and Love Nightclub, filed Chapter 11 last week. The once immensely popular Love Nightclub is currently up for sale.
According to DC Fab:
“By the filing, [Love] sought to protect its real estate holding, which consists of a parcel of commercial property, currently the subject of a contract of sale,” said bankruptcy attorney Kim Y. Johnson in court papers. “The debtor has several secured and unsecured creditors who prior to the petition date were unwilling to work with the debtor to modify the loans in order to allow for the closing of the aforementioned sale.”
The Park, according to documents, has approximately $50,000 in assets and between $1 million and $10 million in debts. Still, Barnes and Love reported assets and debts each in the range of $1 million to $10 million.
The Park will reportedly remain open.
Source: DC Fab
