The Frankfurt nightclub has filed for bankruptcy.
It was announced earlier today that Cocoon Club GMBH, the company behind Frankurt's Cocoon Club, has gone into administration.
A message posted on www.cocoon.net explains the situation while also distancing Sven Väth and the other branches of Cocoon from the bankrupt club. It states:
"Cocoon Music Event GmbH and Cocoon Artist Booking UG are independent and separate companies, in substance as well as financially, economically and regarding the employed staff... CocoonClub GmbH & Co. KG is solely a licensee of the brand 'Cocoon'."
The message goes on to describe Väth as "the visionary, ideas provider and advising musical curator behind the club concept," but also "just a partner... who was never involved in any daily business operations.
At this point there's no way of knowing what will ultimately happen with Cocoon Club, but for now the program is unaffected. "A bankruptcy is primarily used to save a company and not to close it," a Cocoon spokeswoman said on Wednesday. "The whole team is working to save the club, and of course we will continue."
Cocoon club opened in 2004 and, under the guidance of Väth, became one of Germany's most iconic clubs, thanks both to its international house and techno bookings and its elaborate, cocoon-themed decor, which landed it at #1 in the design category of our 2008 Club Awards. Rumors over the club's insolvency had been circulating for a while—its two restaurants, Silk and Micro, have been closed since May, and German newspapers had already reported that the club would soon file for bankruptcy.
Today's announcement finished with the line: "We deeply regret the possible loss of jobs and strongly hope that the institution CocoonClub can be preserved for Frankfurt's nightlife."