PHILADELPHIA (KYW Newsradio) — World Cafe Live has filed for bankruptcy.
Although the Chapter 11 petition says the University City venue is unable to pay its debts, gigs will still go on — under a new name. The venue is now going by the name World Stage.
CEO J. Sean Diaz told the Philadelphia Business Journal that the concert hall plans to remain open during bankruptcy proceedings. He said the move will stabilize its finances and attract new investment.
Its website says the new name is "not a departure from tradition — it is a preservation of what matters most: the room, the stage, the crowd." The site also says, "The name changes. The work doesn't."
World Cafe Live faced a stop-work order on Wednesday for what the city called "serious tax violations."
A bankruptcy filing can delay enforcement.
