Bankruptcy for B-Side

The Saga of the B-Side Lounge continues. In trouble since August, the lounge closed in November. Now, owner Catherine Sullivan has filed for bankruptcy for the business. The company's assets and debt are both in the $500k to $1 million range, leading a bankruptcy attorney to recommend auctioning off the assets to pay the debts. An auction of the bar's property, liquor license (though maybe you could get one cheaper another way), and lease may happen on January 15. This is the B-Side's second bankruptcy, following the first in 2003, in which it had over $800,000 in debt. Earlier this year, the B-Side made Esquire's list of Best Bars. How quickly they fall.