Downtown Raleigh has taken its first major hit since the opening of Fayetteville Street. Yancy’s, the restaurant and jazz club that some say is one of the keystones to the downtown revival, filed for Chapter 11 bankruptcy protection yesterday according to the Triangle Business Journal. Pursuant to the provisions of Chapter 11, Yancy’s will remain open while it works to reorganize and resolve its debt load. However, this is a sad moment, as this particular establishment is all-too-obviously struggling. At over 10,000 square feet, I wonder if the space was too large. And although co-owner Harvey Yancey is an iconic figure in the Raleigh food and music scene, he has had difficulties at his prior places.
I hope Yancy’s makes it. I suspect that this may be a sign that the bad economy is affecting our restaurant scene, but if you want to make sure that we have a good place for jazz and food, you better haul your butt to Yancy’s, or it’ll be gone soon.