The corporate entities behind neighborhood bar the Pinewood in Decatur and restaurant and cocktail lounge the Mercury at Ponce City Market have filed Chapter 11 bankruptcy, the Atlanta Business Chronicle reports. Both are run by partners Brooks Cloud, Julian Goglia, and chef Mike Blydenstein of 10 Apart restaurant group.
According to bankruptcy court documents, the Pinewood lists liabilities of more than $500,000, while the Mercury lists more than $1 million in liabilities. The filings come six months after the group closed their short-lived Italian restaurant and adjacent coffee shop Bar Americano and Bar Crema at East Andrews district in Buckhead.
The bankruptcies are part of the fallout from the group’s venture into Buckhead, but Goglia tells Eater Atlanta they have no plans to close the Pinewood or the Mercury. He says the two restaurants have had a successful year despite Bar Americano’s closure.
“With the hardships and issues surrounding Bar Americano, we’re simply restructuring that debt so we can continue to move forward,” Goglia explains. “There won’t be any disruption in service for our guests or any day-to-day changes at Mercury or Pinewood.”
The bankruptcy filings do not include the group’s cocktail mixer company Proof Syrups or their late night bar Deep End in the Old Fourth Ward.
Unlike Chapter 7 bankruptcy, which liquidates the assets of a business forcing it to close, Chapter 11 allows a business to restructure their debts and formulate a repayment plan in order to pay off creditors while continuing to operate.
10 Apart opened Bar Americano and Bar Crema in November 2017 two weeks after opening Deep End in the former 4th & Swift space across from Ponce City Market. The back-to-back openings were an ambitious undertaking. Goglia called Bar Americano and Bar Crema a “concept we truly believed in” at the time of the closure, but admitted they were “dealt too many bad hands.” 10 Apart reopened Bar Crema as a mobile coffee cart this summer in the lounge of Pinewood’s expanded dining room.
The Pinewood has long been considered one of Atlanta’s essential cocktail bars since opening in 2012. 10 Apart’s mid-century-style drinks lounge and restaurant the Mercury opened in 2016 on the second floor of Ponce City Market. It’s one of only a handful of full service establishments at the food hall.