A beloved New York City music venue has sadly closed its doors for good.
The Brooklyn Mirage’s parent company Avant Gardner, has filed for bankruptcy under Chapter 11, therefore, the signature venue has shut down as a consequence. The news was shared on Brooklyn Mirage’s social media page on August 4.
The Brooklyn Mirage was supposed to open its newly renovated space on May 1, just in time for the warmer seasons, however, it was canceled only a few hours prior, with the cause being the venue not passing city inspections and not getting permits for occupancy. The Department of Buildings revoked the venue’s occupancy permit on April 29.
According to a statement by Avant Gardner, the closing comes after “several months of financial distress, culminating with Avant Gardner being unable to open its newly constructed Mirage event space for the 2025 season,” per the Brooklyn Paper.
© Getty ImagesAs of August 4, over 90,000 people are left in limbo, as they have previously purchased tickets for upcoming concerts, per a court filing.
Avant Gardner is desperately struggling with its finances. The parent company owes over $155 million in debt, $6.5 million in taxes, and finally, $800,000 in wages for its employees and contractors, according to court documents. Due to its closing, the company is now drowning deeper into debt with contractors, tickets platforms and design agencies.
© Getty ImagesThe company had “expended significant company resources,” such as taking out hefty loans which came with high-interest, but the reopening failed because it was “beset by delays and cost overruns.”
At one point, a loan of $1.5 million was signed-off in order to provide “improvements to the property.” Another lender requested a cash advance, through which Avant Gardner provided a percentage of its food, drinks and concert tickets sales.
© Getty ImagesThe CEO of Avant Gardner, Gary Richards shared in a court filing that the closing of the popular venue was “catastrophic for the Company’s operations and liquidity.” The previous CEO Josh Wyatt was fired in May after the failed reopening, and Gary was hired shortly after.
As for the future of the company, it is planning to sell all its assets to an existing lender at an auction. Gary remains hopeful and shared in the court filings: “Two months ago I was brought in as CEO to rebuilt the Company’s culture and turn the business around. I believe this Chapter 11 restructuring is the most viable path forward — it will allow us to stabilize Avant Gardner and focus on building for the future.”
Although the parent company may have lost the Brooklyn Mirage, its other two venues, the Great Hall and Kings Hall, both which are located in the same building, “will remain open and operating as usual,” according to the company.
Meanwhile Avant Gardner is attempting to: “Prepare a remedial plan that complies with the DOB’s requirements and provide a reimagined ticketholder experience. The company expects to continue to work, with the support of [lenders] with the DOB to ensure a remedial plan with respect to the structure is completed responsibly and safely.”
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