The American Center for Food, Wine, and the Arts, a.k.a. Copia, filed for Chapter 11 bankruptcy protection Monday while negotiating a $2 Million dollar emergency investment from an unnamed source to continue pay of employee salaries.
The center closed its doors Friday, Nov. 21, and its web site noted at the time that “COPIA is temporarily closed. We apologize for any inconvenience,” without further explanation. After originally signaling it would reopen Dec. 1, Copia filed for bankruptcy protection instead, and its doors remained shuttered on Monday.
It’s doors remained shuttered? You betcha!
Since it’s opening in 2001, the center has been bleading money every year to the sum of about $78 Million in debt today, but those responsible blame the current credit crunch and market conditions for the downfall. Plans to reinvent the facility have been talked about since the beginning of the year but not much has been done as of yet.