Over the past few years The Pink Tea Cup has had some location issues, which have now transformed into financial issues. The Manhattan restaurant whose menu includes fish and grits, fried catfish, and chicken and waffles, has filed for bankruptcy. The popular hot spot has moved several times and when its final location did not have a liquor license for over six months, it put a dent into their financial performance.
The restaurant’s attorney David Bondi stated, “They got deep into debt because they were unable to serve alcohol.” And now according to Crain’s the eatery is filing for bankruptcy.
According to the filing, The Pink Tea Cup has between $50,000 and $100,000 in assets and between $100,000 and $500,000 in liabilities. And with only about $80,000 of that owed to the landlord, it’s looking like management was borrowing just to cover operational expenses.
A bankruptcy filing doesn’t mean the doors are shutting for good. The Pink Tea Cup has recently gotten a liquor license and has been doing much better financially ever since. Hopefully with its celebrity visits and pretty good reviews on Yelp this little New York gem will make a full recovery.