And now you have Jefferson Club closing shop. This is a private business club that is located in the downtown PNC Plaza office tower, up there on the 29th floor. The company wants to close shop and go in for bankruptcy filing under Chapter 7 of the US Bankruptcy Code. This is not surprising, given the fact that the company had been reeling under the effects of the recession. The recession has taken so many businesses that are lifestyle based, by the neck and ensured that the businesses reel under the pressure relentlessly.
The Jefferson club has a 38 year old history, having opened shop back in 1972. The final day of its operations was Feb 28, 2010. The company started facing problems back in 2008, when the recession took its toll on memberships and also member-sponsored functions, the lifeline of any thriving club. In 2004, the club had as many as 1,300 members which were down to just 700 currently. The club lost as many as 1/5th of its members just last year. It had some loyal members as well as loyal employees, but it certainly seems as if this has not been enough to prevent it from going down.