In conjunction with bankruptcy proceedings, Tavern International has agreed to sell the Tavern on the Green intellectual property rights for $1.3 Million. The sale is pending bankruptcy court approval, with an anticipated bid deadline and auction in mid-September.
Tavern on the Green intellectual property includes ownership of the trademark for oils and salad dressing; and the exclusive rights to register for other products including packaged food, tabletop and other home decor, cookware and accessories.
"This is a tremendous opportunity to own an iconic brand that is world renowned – and arguably the most famous full service restaurant brand in the world," says Gabe Fried, a Streambank principal. Streambank is conducting the September sale. "The brand will benefit from instant recognition across the US and around the world for a broad array of categories including restaurants, packaged food and tabletop accessories."