TKC BREAKING AND EXCLUSIVE NEWS!!! ICONIC KANSAS CITY CLUB SHUTTING DOWN AND DECLARING BANKRUPTCY!!!

REMEMBER that for more than a century the illustrious and iconic Kansas City Club was an institution which spoke to the strength of this town's community and heritage. Now they're closing down due to lack of membership and a financial inability to support themselves.

THANKS TO THE MOST AWESOME TKC TIPSTERS FOR THIS FIRST & EXCLUSIVE LOOK AT A MEMO REVEALING THE ICONIC KANSAS CITY CLUB CLOSING DOWN AND DECLARING BANKRUPTCY!!!

As always, KICK-ASS TKC TIPSTERS breaking important news always get the FIRST WORD . . .

"TKC, this note this was sent on May 25th, two days after the club officially closed. Also of note is the choice of chapter 7 bankruptcy over reorganization; this is after two past presidents of the club attempted to buy the club out as an LLC to utilize tax credits (hint: they’re looking for a bargain sale, good luck finding the listing). Further, as a current (and fourth generation) club member I went down this evening to attempt to secure some of my property I keep on premise (a nice liquor collection and some dirty gym shorts) only to find the doors all bolted and the front door with a chain and padlock. Yet another Kansas City scam in the works."

Now, say what you want about the usefulness of this kind of club BUT there's no denying that it represents part of Kansas City's heritage (Like it or not) . . . And neither the promise of the Downtown toy trains streetcar nor the convention hotel could save this institution.

Without further ado, here is the bankruptcy notice of The Kansas City Club . . .

FW: Club Announcement

Dear Kansas City Club Member,

As you are aware, The Kansas City Club has struggled financially for a number of years. Over the past decade several capable Members and your elected Boards of Directors have dedicated countless hours of personal time and very often personal funds to propping up the Club until such time that the membership numbers and Club usage could sustain itself. As was reported at last year’s Annual Membership Meeting, the Club has operated at a loss for most of the months in recent history.

Your Board recently contracted with Gib Kerr, respected downtown real estate agent, to quietly shop the building in hopes that a good offer would allow us to meet financial commitments and leave enough funds to purchase or lease a more modest and less expensive Clubhouse. Unfortunately, the sale of a building such as ours takes time and our financial obligations are mounting quickly.

We currently have a growing and aging Accounts Payable. In addition, we are responsible for increasing employee pension obligations as well as a bank note and two personal loans by members. Despite months and years of creative problem solving, loans and financial gifts, our cash flow situation has become untenable. On Wednesday, May 20, at the advice of financial and legal counsel, your Board made the following decisions:

* Cease all Clubhouse Operations effective 11:59 pm, Saturday, May 23rd, 2015.
* Increase marketing efforts on the building to source prospective buyers and use funds to pay off our mounting debt.
* Retain Legal Counsel and file Chapter 7 Bankruptcy.

It is with heavy hearts that this decision is communicated. You are no doubt aware of the challenges facing all Clubs, especially City Clubs, across the country. In fact, less than 18% of the City Clubs active in the 1980’s continue to operate today.

Our deep gratitude goes out to our Club Management Team and Staff who have worked so diligently over the past several months on our Members’ and Club’s behalf. We are committed to meeting payroll and bank obligations. We will retain very limited staff to fulfill banquet obligations and assist in the details of closing down the corporation.

Watch for correspondence in the coming weeks regarding building access to obtain personal items you may have stored at the Club as well as information on liquidation of physical assets which might be of interest to members.

Respectfully,
Your 2015 Board of Directors
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