Tavern on the Green, that New York staple for generations of tourists, Upper West Side matrons, and, oh, tourists, has filed for Chapter 11 bankruptcy protection. The Central Park eatery, which is the second highest-grossing independent restaurant in the country (number one is Tao, in Las Vegas), has debts as high as $50 million, according to the filing.

Dean Poll, who recently secured a 20-year lease on the restaurant from New York City, plans to sink as much as $25 million into Tavern, adding such niceties as a new electrical system, better plumbing, a bike rack and an outdoor cafe. We think Poll might be better off skipping the bike rack and putting some cash into improving the food, which, judging from recent Zagat and Yelp posts, isn’t even wowing the tourists anymore.

New York’s Tavern on the Green Files for Bankruptcy [Bloomberg]
Tavern on the Green [Yelp]
Tavern on the Green [Zagat]
Top 100 Independent Restaurants [Restaurants and Institutions]

(Photo: David Paul Ohmer)