Tavern on the Green in NYC-Tavern sought bankruptcy, Zagat NYC losing sales to rivals

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World Famous-Tavern on the Green LP, operator of the 75-year-old restaurant in New York’s Central Park, sought bankruptcy protection after losing its lease on the city property to a higher bidder a month ago.

The restaurant’s name, valued at $19 million and in place since its founding by Parks Commissioner Robert Moses in 1934, now will be sold to the highest bidder in bankruptcy court, according to Keith Costa, a lawyer for the bankrupt partnership. 

Zagat Losing Ground to Online Rivals--From Paul Tharp of the New York Post: After failing to sell their guidebook empire for $200 million, Upper West Siders Tim and Nina Zagat are not only putting off their retirement plans, they're struggling to keep it afloat. Over the last three decades, the pioneering Zagats — he's 69 and she's 67 — have turned a hobby that started in a Manhattan apartment kitchen into a brand that sells millions of books, reviewing eateries, hotels and leisure spots in 104 countries. But it is losing substantial ground to online rivals, including Chowhound (and CITYPEEK.com aka CITY PEEK) and Yelp, said a source familiar with the matter. Sales are down dramatically, said another source inside the company.