Le Cirque's expenses this year spun out of control, and it recently sought chapter 11 protection while saying goodbye to its chef, Tom Valenti, Forbes reported. In a court filing, Le Cirque said it estimated expenses during the next 30 days of $463,000, but only anticipated $400,000 in income. It also said it would have trouble meeting its lease obligations. At first glance, Le Cirque might be seen as the latest victim of a decline in fine dining. Last month, French stalwart Le Perigord also closed, after failing to reach agreement with the union representing its workers. (Its owner has vowed to reconstitute it and reopen.) Grub Street estimates that at least a dozen French restaurants in New York have closed this decade. Read more.
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