Gulliver’s Gate, the tourist attraction in the Times Square, London has filed for bankruptcy. The attraction showcases miniature versions of big cities and tourist destinations from all over the world.
The business is going bankrupt only after two and a half years of starting its services. The court papers have shown that the massive $ 5.7 million annual rent was proving to be too much for them.
The bankruptcy attorney of Gulliver’s Gate, Gabriel Del Virginia said that they want to stay in business and re-structure their working module. The site had got positive reviews during the short amount of time that they had been in business.
The company has its rented space in 216 W. 44th street in London. But they stopped paying the rent from November 2018. This resulted in a legal feud between the company and the Kushner Cos, the owner of the renting space. According to the papers filed in the state court of Manhattan, the dispute started in January of this year.
Against the eviction proceedings taken by the Kushner Cos, Gulliver’s Gate said that the owners cheated them of 5753 sq. Feet. Due to that, the company was unnecessarily paying extra $586,700 per year to its owners. The company added that the looming bankruptcy rendered them to stop paying the rent.
According to the court papers, the Kushner Cos and Gulliver Gate came to an agreement in March. But the full details of the agreement are not disclosed yet.
Eiran Gazit, an Israeli entrepreneur and Michael Langer, started the company with $ 40, most of which was obtained from a Kickstarter campaign. The place displays tourist attractions like the Taj Mahal, Stonehenge and the Beatles on the Abbey road in their miniature form. According to Adam Stein-Sapir, a distressed debt expert explained that the ticket sales revenue of the company was not enough to match the high rents.
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