Olde Bar in the Bookbinder’s building, a Philadelphia restaurant and event venue, is shutting down.
In a significant development for Philadelphia’s culinary landscape, the Olde Bar, housed in the historic Bookbinder’s building, will cease operations this summer. The Olde Bar, a previously prominent restaurant, transitioned to a private event venue after its closure in the fall. This site has served as the operational base for Garces Events, a catering enterprise owned by the well-known Philadelphia chef, Jose Garces.
The decision to close the establishment was announced by the owner, Compass Group USA, through a recent filing that outlined substantial financial losses leading to the conclusion that the business was no longer viable. Brian Gottlob, regional vice president of Compass, highlighted that despite various cost-cutting initiatives aimed at alleviating financial strain, these measures did not yield the desired outcomes.
According to the filing, the Olde Bar, located on the 100 block of Walnut Street, generated total revenue of 2,857 from December to May. Although future bookings for events through the remainder of 2025 are projected to contribute an added 0,000, it will not be sufficient to sustain the business.
The impending closure will affect approximately 110 employees, consisting of 14 full-time and 96 hourly staff members. In the notice, Gottlob expressed hope that those impacted would find alternative employment opportunities within the company in different roles.
Compass Group USA, a leading provider in the food services sector based in North Carolina, has indicated that it will not relocate the business but may explore options to sublease the space to another catering entity. A spokesperson for the group stated that while Garces Events will no longer operate from this location, there are plans to carry the brand forward through other avenues.
The Bookbinder’s building has a rich history, originally established as an oyster bar by Samuel Bookbinder in 1898, positioned closer to the docks than its former location. The venue changed ownership multiple times before closing amid bankruptcy proceedings in 2009. In 2013, chef Garces signed a long-term lease for the 13,000-square-foot establishment, launching it as the Olde Bar in early 2015.
Since the Olde Bar’s transition to functioning solely as an event space, its closing as a restaurant was described by a spokesperson as part of a broader strategic vision for the restaurant group. It remains unclear when Compass Group USA acquired Garces Events and the Olde Bar, leaving a gap in the timeline of this notable location’s management history.
As this iconic venue prepares to close its doors, the culinary community and patrons alike reflect on the legacy and impact the Olde Bar has had within Philadelphia’s vibrant dining scene.
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