Andrew Axelrod's Axar Capital, a secured creditor for Avant Gardner, is facing challenges in reviving the Brooklyn Mirage nightclub and ongoing electronic music events. Following the contentious bankruptcy of the SFX festival company, which included Electric Zoo's parent, Axelrod's firm took over and aimed to restructure. However, a disastrous run of the Electric Zoo festival in 2023 has led to multiple lawsuits against Avant Gardner, serious reputational damage, and the temporary closure of its venues, showcasing the instability in the New York nightlife sector.
Andrew Axelrod's co-management of Avant Gardner and efforts to reopen the Brooklyn Mirage reflect ongoing challenges in the NYC nightlife scene following SFX's bankruptcy.
Axar Capital, linked to the SFX collapse, has struggled to revive Avant Gardner amid lawsuits and an unsuccessful Electric Zoo festival run that marred its reputation.
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