The legendary club is long gone, but now it looks like the ubiquitous t-shirts are in jeopardy too. Say it ain’t so Hilly!

CBGB Holdings LLC, which two years ago purchased the name and copyrights associated with Manhattan’s legendary punk-rock club CBGB, filed for Chapter 11 bankruptcy protection Friday.

CBGB Holdings LLC, which two years ago purchased the name and copyrights associated with Manhattan’s legendary punk-rock club CBGB, filed for Chapter 11 bankruptcy protection Friday.

The company, reported assets and debts each in the range of $1 million to $10 million in its bankruptcy petition, filed with the U.S. Bankruptcy Court in Manhattan.

CBGB Holdings’ founding partners, James Blueweiss and Robert Williams, as well as the company’s bankruptcy attorney, weren’t immediately available for comment.

The company didn’t say in court papers why it filed for bankruptcy protection. [Wall St. Journal]

Wow, how did they amass so much debt from hawking t-shirts? I guess babies want Terminal 5 onesies now.