Wednesday, December 10, 2008

A month after closing, B-Side files for bankruptcy

The owner of the B-Side Lounge, the funky retro Cambridge cocktail bar and restaurant that closed its doors last month, has filed for Chapter 7 bankruptcy.

The company, which has yet to file a full accounting of how much it owes creditors, listed $500,001 to $1 million in debt and an equal amount of assets.

A U.S. trustee assigned to the case has proposed liquidating the B-Side’s assets by auction to help pay off creditors. The Jan. 15 sale would include certain personal property at the bar, its liquor license and the lease for its Hampshire Street location, according to court documents.
The nightspot, which made Esquire magazine’s Best Bars in America list this year, was known for its vintage cocktails and the occasional celebrity sighting, including Conan O’Brien and Ben Affleck with then-girlfriend Jennifer Lopez.