THE WHAT? Hudson Yards event space, Hudson Mercantile, has filed for bankruptcy as the pandemic continues to wreak havoc on the events industry, according to a report by Bloomberg.
THE DETAILS Cited as one of the ‘premier event venues in New York’ by owner and operator Bentley Meeker in a court declaration, the space has played host to fashion shows, product launches and cultural conventions.
THE WHY? Despite having posted revenues of $1.6 million annually for the last three years, the devastating effect of the pandemic has brought the events world to a standstill, with the venue going from hosting ‘scores of events per week, often simultaneously’, to coming to a complete halt in March when the pandemic hit.
The venue space has since gone on to hold rooftop events, shrinking staff down from four to one, and ending freelance contracts. However, the rooftop experiences are also under threat, with a developer of an adjacent building suing the venue’s landlord for access to the roof for construction.
Hudson Mercantile is said to be hoping to reorganize under Chapter 11 bankruptcy, which will allow it to continue trading while devising a strategy to pay debts.