Payard Files for Bankruptcy

Less than three months after closing Payard Patisserie & Bistro, Francois Payard has filed for Chapter 7 bankruptcy protection. The famed pastry chef had been forced to close his Upper East Side bistro after his landlord had raised his rent by a staggering 60 percent to $1 million a year. According to the bankruptcy filing, the restaurant has debts of as much as $1 million and 50 creditors including Con Edison and Open Table. It's unclear what this will mean for the chef's plans to relocate the restaurant, which had been in the same Lexington Avenue location for 12 years; his Las Vegas outpost of the same name is not affected by the bankruptcy.

[Crain's New York]


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