The Palm – New York

New York Steakhouse the Palm Is Exploring a Sale | Eater NY

"Known for its caricature-filled walls and nearly century-long history, this 93-year-old steakhouse chain is now exploring a sale after filing for bankruptcy earlier this year following a bitter family lawsuit that resulted in a $120 million payout to two grandchildren of the founders. The dispute centers on claims that cousins Walter Ganzi Jr. and Bruce Bozzi Sr.—who in the 1970s created a separate company that owns all locations outside New York and collects licensing fees—locked Garry Ganzi and Claire Breen out of proper profits; Ganzi and Breen were part owners of the original Palm that closed in 2015. The proposed sale would convey full ownership of 18 locations, majority ownership of three more, and licensing of three others, among more than two dozen locations across the U.S. and Mexico (including three in New York City). Both Ganzi Jr. and Bozzi Sr. have also filed personal bankruptcy, and the company faces separate lawsuits from former employees alleging an atmosphere of sexual harassment at some New York City restaurants. Despite the legal and financial turmoil, the Palm continues to position itself as a place for a relaxing cocktail, a generous steak with the perfect glass of wine, or special-party bookings." - Stefanie Tuder