CBGB Brand Bankrupt

An investor group that purchased the name and intellectual property rights to the defunct CBGB club in New York City has filed for Chapter 11 bankruptcy.

Two years after the famed punk venue closed in 2006, CBGB Holdings LLC purchased the copyrights to the club, apparently attempting to revive the brand through the sales of T-shirts and other merchandise.

CBGB Holdings partners James Blueweiss and Robert Williams reportedly paid $3.5 million for the club’s brand.