The company holding the name to the legendary CBGB club has filed for bankruptcy. Though the club itself shut down in late 2006, the name was purchased by a company that wanted to continue selling the venues' memorabilia and T-shirts. The club was first launched in 1973 by the late Hilly Kristal. Kristal ran the club from 1973 to 2006, giving vital early support to the scene that brought the world the Ramones, Patti Smith, Television, Blondie, the Talking Heads and many others. The club closed following a prolonged battle with the venue's landlords, with the ensuing tributes and send-off shows solidifying the venue's status as a punk rock mecca and possibly the genre's greatest landmark.
According to the CBC report, "the filing lists debts of $1 to $10 million US, but does not say why the company is seeking bankruptcy protection."