New Licensing Company Acquires Tavern on the Green Name

$1.3 Million Purchase Enables Tavern International to License "Tavern on the Green" to Brand Restaurants and Products Globally
By: Tavern International
Oct. 5, 2011 - PRLog -- Tavern International LLC http://www.taverninternational.com, a recently formed licensing, sales and marketing concern with a philanthropic sensibility, announced today that it is the successful bidder for the right to enter into an agreement with the City of New York for use of the name of arguably the world's most famous independent restaurant brand, Tavern on the Green which was valued at $19 million in 2008.  At a hearing before the United States Bankruptcy Court for the Southern District of New York today, the Court approved the sale, which will take the form of a $1.3 million dollar purchase from the bankruptcy trustee for Tavern on the Green.  Upon closing of the transaction with the trustee and execution of the agreement with the City, Tavern International will have the right to license the name "Tavern on the Green" for restaurants and products, such as food, home furnishings, apparel and accessories.  Licenses issued by Tavern International for the use of the "Tavern on the Green" name will require the licensees to donate a portion of all sales to the National Center for Missing and Exploited Children (NCMEC), the private nonprofit organization which serves as the nation’s resource on the issues of missing and sexually exploited children.  A charity with which New York City’s fabled Tavern on the Green had an association from 2008 until it was forced to close on January 1, 2010, having lost its lease with the city despite its status as a globally renowned attraction and one of highest grossing restaurants in the world.

Under the terms of the agreement that Tavern International will execute with New York City, Tavern International will have the ability to license or open Tavern on the Green restaurants, except in the states of New York, New Jersey, Connecticut and parts of Pennsylvania, so long as any Tavern International licensed restaurant uses the "Tavern on the Green" name with a location or geographical identifier.

“With the completed acquisition of the Tavern on the Green name by Tavern International we will be able to recreate the beloved, iconic restaurant nationally and internationally and tie it to products people can enjoy at home.  Restaurants and products will allow diners and consumers to help save one child at a time by contributions made to the National Center for Missing & Exploited Children http://www.missingkids.com as part of the licensing agreement,” states Lou Bivona, the managing member of Tavern International and the founder and chairman of NCMEC’s New York Chapter.

Bivona is also the owner and managing director of TavernDirect http://taverndirect.com, which produces a line of "Tavern on the Green" specialty food products sold online and at retail. A portion of the proceeds from the sale of TavernDirect's products is donated to NCMEC.   TavernDirect's operations came into being under a licensing agreement with Tavern on the Green that was negotiated by Tavern on the Green's former COO, Michael Desiderio, who will become Tavern International’s vice president of restaurant licensing, charged with protecting the integrity of a brand with which he worked for 13 years.  In fact, his restaurant management career, which has included overseeing three of New York City's most famous restaurants -- The Rainbow Room and Russian Tea Room, in addition to Tavern -- began at Tavern on the Green.

Bivona is currently engaged in preliminary discussions with organizations in the United Kingdom, Las Vegas, California and Asia interested in Tavern on the Green licenses.

For more information about Tavern International, visit www.taverninternational.com.  And for more information about Tavern Direct and the National Center for Missing and Exploited Children, log onto www.taverndirect.com.

MEDIA CONTACT:
            Shelley Clark
            PLATFORM COMMUNICATIONS
            646-489-8582
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Source:Tavern International
Email:***@platformcomm.com Email Verified
Zip:10065
Tags:Licensing, Restaurant Brands, Tavern On The Green, Food Brands, Licenses
Industry:Restaurants, Non-profit, Business
Location:New York City - New York - United States
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