Olde Bar, the Philly restaurant-turned-event-venue in the Bookbinder’s building, is closing
The Old City private-event space and catering business has suffered “significant financial operating losses.” More than 100 workers will lose their jobs.
The latest iteration of the Olde Bar, in the historic Bookbinder’s building, is set to close this summer.
The landmark Old City establishment closed as a restaurant in the fall. It has since operated as a private event venue and served as the headquarters for Garces Events, the catering business founded by renowned Philly chef Jose Garces.
Its owner, Compass Group USA, said in a recent state filing that the company has suffered “significant financial operating losses that render the business unsustainable.”
“We have taken several cost-cutting measures to stem the financial impact of the current economic conditions,” Compass regional vice president Brian Gottlob wrote last week in the notice to the Pennsylvania Department of Labor and Industry. “Unfortunately, these measures have not yielded the results we anticipated.”
The location, on the 100 block of Walnut Street, recorded $922,857 in total revenue from December through May, according to the filing, with events booked there for the rest of 2025 estimated to bring in another $110,000.
The proposed Aug. 9 closure is set to impact 110 employees — 14 full-time salaried workers and 96 hourly workers. Gottlob wrote in the notice: “We are hopeful the impacted employees can secure positions and remain employed with the organization in different capacities.”
Compass, a North Carolina-based food services provider, does not intend to move the company to another location, according to the filing, but is “exploring options” to sublease the space to another caterer.
A Compass Group USA spokesperson said in a statement Tuesday: “While this means Garces Events will no longer run out of this location, we are exploring carrying the brand forward in other ways.”
The history of the building dates back to 1898, when Samuel Bookbinder moved his oyster bar there, closer to the docks than its previous home on Fifth Street. The restaurant changed hands several times before closing amid bankruptcy proceedings in 2009.
In 2013, Garces signed a long-term lease for the 13,000-square-foot space, opening it as the Olde Bar at the start of 2015. When the Olde Bar closed as a restaurant in November, a spokesperson told The Inquirer it was “part of a larger strategic plan for the restaurant group.”
It is unclear when Compass Group USA took ownership of Garces Events and the Olde Bar.