Brooklyn Old-Timer P.J. Hanley's Files for Bankruptcy

P.J. Hanley's may be Brooklyn's oldest bar, but it's also the borough's brokest: Crain's reports today that the Carroll Gardens old-timer filed for Chapter 11 bankruptcy protection on Friday. Current owner James McGowan bought it back in 2005, but the last year has been bad for him, with both his real estate company and his pizza chain South Brooklyn Pizza filing for bankruptcy last year. As part of this filing, he's looking to sell the business.

Whoever buys PJ Hanley's is inheriting a lot of history, as the bar has been open in one form or another since 1874, but also a whole lot of drama. According to the Crain's report, McGown's bankruptcy filing cites "declining revenue, escalating food costs, and an inept new manager" as reasons why the bar is kaput.
· Brooklyn's Oldest Bar is Bust [Crain's]
· All Coverage of P.J. Hanley's [~ENY~]