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DC-Based Park Place Goes Chapter 11

WASHINGTON, D.C. (CelebrityAccess MediaWire) — Park Place Inc. a D.C.-based company launched by the onwers of the nightclubs Love and The Park at 14th, has filed for Chapter 11 bankruptcy protection.

According to the Washington Business Journal, Park Place in the red to the tune of $1 million to $10 million with at least 10 crditors, including equipment suppliers and the city.

Park Place prexy Marc Barnes described the bankruptcy as necessary to stave off creditors while Park Place attempts to divest the Love Nightclub venue. He added that The Park at 14th isn't included in the filing and will remain open.

Love has been shuttered except for special events since January after a number of incidents took place, including an alleged stabbing. – CelebrityAccess Staff Writers