Flatiron Underperformer Olana Files for Chapter 11

The carnage this week is out of control. Crain's is reporting that Olana, the quietly struggling velvety Flatiron spot, has filed for chapter 11 after almost two years in business. Given their liabilities are under half a million dollars and they have under 100 creditors, there may be hope for the restaurant. That said, it's on just the wrong side of the high end spectrum, and its sundry attempts at offering deals and specials (the restaurant is a regular of the Dealfeed column) perhaps haven't paid off in increased patronage. For now, the restaurant is still open.
· Luxury restaurant Olana files Ch. 11 [Crain's]