The recent Chapter 11 bankruptcy filing by Avant Gardner signifies the culmination of a prolonged financial decline that has persisted for over a year.
This company, known for operating the Brooklyn Mirage—one of New York City’s premier electronic music venues—did not simply run out of funds overnight.Rather, it experienced a slow financial bleed through numerous small losses, ultimately leading to its collapse earlier this August.
The warning signs were evident in the company’s payment practices. Throughout the year preceding its bankruptcy declaration, Avant Gardner exhibited alarmingly high Days Beyond Terms (DBT), which is a critical indicator of how long companies take to settle their debts. According to Ragini Bhalla, Head of Brand at Creditsafe, this trend indicated “persistent cash flow instability.”
Avant Gardner’s DBT began at an alarming 43 days in August 2024 based on data from Creditsafe. Although there was some improvement with figures dropping to around 15-16 days in April and May 2025, these numbers surged back up to 20 days by June—a clear indication of ongoing liquidity issues.
An even more concerning aspect was the breakdown of the company’s payment history, which revealed an increasing number of “severely overdue” payments. By March 2025, over 21% of obligations were between 61 and 90 days late while nearly one-quarter remained unpaid for over three months as Avant Gardner struggled with operational expenses. This situation forced vendors into becoming reluctant creditors as they attempted to keep the business afloat.
The financial turmoil was exacerbated by operational challenges including contentious permit issues and failed safety inspections that barred the opening of Brooklyn Mirage for its newly revamped season after a $30 million renovation project. Despite enterprising plans for this upgraded venue in East Williamsburg, financial realities proved insurmountable regardless of marketing efforts.
the anticipated renovations never came to fruition; ultimately leading Brooklyn Mirage’s owners to cancel all scheduled events for the season—a devastating blow that severely impacted expected revenue streams. With debts totaling $155.3 million and no clear path toward profitability in sight, Avant Gardner found itself cornered.
Avant Gardner has as replaced its struggling CEO Josh wyatt with seasoned nightlife veteran Gary Richards as part of efforts aimed at stabilizing finances and reviving operations at Brooklyn Mirage ahead of a planned reopening in June 2026. A recent submission submitted for a Temporary Certificate Of Occupancy with New York City’s Department Of Buildings indicates intentions are set towards reactivation starting June next year.
The electronic dance music community across America will be closely monitoring Avant Gardner’s restructuring process—not just from an economic standpoint but also observing whether it can truly move past its troubled history.