Tavern on the Green files for bankruptcy protection

Another iconic New York City restaurant has hit tough times.

Less than two years after it announced grand plans for a national expansion, Tavern on the Green, a New York landmark, filed for voluntary Chapter 11 bankruptcy protection Wednesday in U.S. Bankruptcy Court, Southern District of New York.

Tavern on the Green, which has appeared in such films as "Arthur", "Wall Street" and "New York Stories", and where generations have celebrated weddings, anniversaries, graduations, was taken over by Warner LeRoy more than 25 years ago. It was once one of the most successful restaurants in the country. A $40 million dollar operation with a staff of 525 and nearly 500,000 patrons annually, the restaurant is known for its prime location in Central Park in addition to its beautiful garden and its elaborate decor of crystal, mirrors and Tiffany ceilings. Its eclectic menu consisted of contemporary American and seasonal fare.