April 18, 2014 at 12:00 AM
FANWOOD, NJ – The auction of the Sun Tavern on Tuesday, April 15 resulted in no buyers at the Federal Bankruptcy Court in Newark for the once thriving bar/restaurant. The bankruptcy auction required a minimum opening bid of $2 million for the package, including the real estate, “C” liquor license, equipment and furnishings.
“The case will get converted from a Chapter 11 bankruptcy case to a Chapter 7 case,” said bankruptcy attorney Donald Biase, who was the appointed trustee for the Sun Tavern.
Shortly after the auction failed to meet the minimum bid, the sports bar/restaurant, located on 15 South Ave. near the corner of Terrill Road, closed its doors for good.
“A separate auction will be conducted, likely in mid-May when the assets of the business will be liquidated at the tavern,” Biase told The Alternative Press.
“I’m surprised and more than a little disappointed that a buyer did not emerge from the Sun Tavern bankruptcy auction,” said Fanwood Mayor Colleen Mahr. “Our hope remains that an experienced restaurateur will take over the space and that it will once again become an anchor of the western portion of South Avenue in Fanwood.”