Le Petit Theatre and Dickie Brennan Restaurant Group Partnership Fact Sheet

Dickie Brennan Restaurant Group (DBRG) plans to purchase approximately 60 percent of the Le Petit Théâtre du Vieux Carré (LPT) building, excluding the main theatre, for $3 million dollars.

LPT will hold a special meeting for its Members in July or August 2011 at which time the LPT Members may vote to rescind amendments to LPT By-Laws.  If the LPT By-Law amendments are rescinded, LPT may not sell any part of its real estate without Member consent.  The Members can successfully vote to rescind the By-Law amendments by vote of 2/3 of the Membership present at the special meeting.  Members are subscribers for the current season, which is the 2010-2011 season.

If the By-Law amendments are overturned, LPT will not have the legal authority to sell any part of the real estate it owns (i.e. the building), without Member consent.  If this happens, then the DBRG deal, as was proposed and voted on by the LPT Board, cannot go forward. Without proceeds from the DBRG deal, LPT will not be able to pay its bills or its bank note. The bank then has the legal authority and power to foreclose on the bank note, seize the entirety of LPT’s property and go to a sheriff’s sale to sell the whole building to pay off the bank note. The total amount of the sale of the entire building is divided: 1) to pay off the bank note, 2) to pay the sheriff’s fees and other foreclosure costs, and 3) the balance of the money goes to the legal entity known as “Le Petit Théâtre du Vieux Carré.” The person who purchases the building at the sheriff’s sale will then own the title to the building – LPT will not. However, LPT will still own the name “Le Petit Théâtre du Vieux Carré.” The purchaser of the building will not, and cannot, own that name.

There will be two options for LPT Members at the special meeting:

Option 1) Approve the By-Law changes, which would allow LPT to sell part of the building to a venerable family enterprise, which has an impeccable international reputation as a symbol of this City, its cuisine and its culture; let LPT own 100% of the mainstage theatre and continue to put on fine community theatre; let LPT pay off all of its debts; and start over with an endowment.

Option 2) Change the action of the Board with respect to By-Law changes, which leaves LPT without a solution for its outstanding debt and necessary property renovations.  Also, if the bank were to foreclose to satisfy the bank note, the entire building would be sold to the highest bidder at an auction and LPT would lose title to the building.  In this case, LPT could take the balance of the sheriff sale proceeds and open up at a new theatre location, and continue to put on fine community theatre at a new location under the name of “Le Petit Théâtre du Vieux Carré.”

The LPT Board has been diligently searching for a solution to LPT’s serious financial problems, which are represented by a mortgage that is in default ($700,000) and has been in “special assets” with the bank since last summer; mounting unpaid debts to regular vendors, some of whom have been waiting for payment for months or even over a year; and mounting unpaid debts to regular operational services such as Entergy and Sewerage & Water Board; and unpaid refunds to theatre patrons who pre-purchased tickets for the canceled 2010-2011 season.

LPT canceled the 2010-2011 season because of the deficits incurred for the productions during the first half of the season and the deficits projected for the productions scheduled for the second half of the season.

With the harsh reality of possibly losing the LPT building and no longer being able to perform at the historical site, the Board decided that the DBRG purchase was LPT’s single best opportunity to pay off its debt, renovate the LPT theatre space, preserve the theatre and bring performances back to the LPT stage.

The corner of Chartres and St. Peter, where DBRG proposes to locate its new restaurant, was, during much of the 1800’s, the location of at least two different restaurants.

DBRG will acquire the small theatre, upper floors, the courtyard and the main lobby, with LPT retaining the mainstage, stage lobby, orchestra pit and stack room.  The courtyard and main lobby will be shared space, available to LPT patrons during LPT productions.

The DBRG deal will allow LPT to repay its $700,000 mortgage, approximately $150,000 in vendor debt and refunds due to season subscribers, and will provide – for the first time ever – a seven-figure endowment, guaranteeing that LPT will always have a permanent home. With DBRG, LPT will also retain ownership and control of the theatre.

The LPT building is already zoned properly for a restaurant, so no special zoning changes will be required.  Additionally, DBRG has agreed to a deed-restricted title. Such deed restrictions are not guaranteed, and will likely never exist, in a sheriff’s sale foreclosure scenario.

While LPT will lose some wing space, the theatre space retained by LPT after the sale and renovations will be comparably sized to many off-Broadway houses.

The dressing rooms will be relocated to the stack room in the back of the theatre stage left, which is currently contemplated to be renovated into a two-level space. The current plans call for the upper floor to be executive offices and green room, while the lower level will contain over 700 feet of dressing rooms.  Currently, LPT has only 500 total square feet of dressing room space, much of which is termite-ridden and in need of significant repair.

The restaurant will not interfere with theatre productions. To the contrary, it will enhance them.  There are theatres all over the country that have partnered with restaurants. DBRG and LPT are excited about the new cooperative ventures between the two organizations and will work together to create new and exciting events for LPT’s loyal patrons even when no play is running.

DBRG will be creating jobs that will provide wages with benefits that are largely unheard of in the restaurant industry, including a median salary of $30,000 for hourly employees. Additionally, DBRG’s Open Door Policy has helped DBRG receive CityBusiness’ “Best Places to Work” for four out of the past five years.

• The benefits program of Dickie Brennan & Co. includes:
• Health and Dental coverage (including prescription and vision benefits)
• Long-term Disability (included in the cost of health insurance)
• Basic Life and AD&D insurance (fully paid by the company)
• Paid Vacation time
• 401(k) plan, matching 50% of employee contributions (up to 5% of annual wages)
• Educational Benefit (up to $500/year toward tuition)
• Home Ownership Benefit (up to $6,000 toward the cost of a home purchased in the metropolitan New Orleans area)
• Family Meal, offered twice daily
• Credit Union Membership
• Reduced Health Club Membership Dues
• Employee Referral Bonus
• Employee Connect EAP program (100% confidential support and guidance)
• Direct Deposit
• 33 1/3 % Dining Discounts
• Flexible Schedules
• Advancement Opportunities
• Annual Social Events (such as Holiday party and Rock N Bowl party)

The mission of LPT is to provide a wide range of quality theatrical productions and programming to entertain, enrich and educate the diverse population of the region and enhance the economic vitality of the city of New Orleans, while preserving its historic building.  This deal with DBRG allows it to do just that.

As part of the famed New Orleans restaurant family, Dickie Brennan had an early education in hospitality at family-owned Commander’s Palace under Chef Paul Prudhomme. This experience started him down the road of being a successful restaurateur. Having been raised in a family that emphasized exposure and learning from others, Dickie has travelled extensively and has trained under some of the world’s great culinary talents. Following his work in some of Paris’ acclaimed restaurants, he returned to New Orleans to open the Palace Café, his version of a grand Parisian café, in 1991.

In 1998, with sister, Lauren Brennan Brower, and business partner, Steve Pettus, he opened Dickie Brennan’s Steakhouse. In 2002, Dickie released his first cookbook, “Palace Café: The Flavor of New Orleans,” and just a few months later, opened Bourbon House Seafood and Oyster Bar. All three restaurants have received national acclaim. Dickie remains active in the hospitality industry and community. In addition to being an ambassador for New Orleans and its unique culture, he is a member of the James Beard Foundation’s Board of Trustees and serves on the Board of Directors for the National Restaurant Association and The Southern Food & Beverage Museum.

Not included in the $3 million purchase price is the amount of investment necessary to bring the building out of disrepair.  Due to severe roof, water and termite damage, DBRG will invest another $3-4 million into resurrecting the building and restoring it to its original beauty and architectural significance.

DBRG will be working with the Vieux Carre Commission (VCC) to maintain the historic importance of the building.  Some parts of the building, like the courtyard windows, have been altered over the years.  DBRG plans to restore many parts of the structure to their original state, including these windows.

The outside wall of the Mainstage Theatre is 18 inches of solid brick – virtually sound-proof.  Therefore, performances on the mainstage will not be interrupted by noise from the restaurant.

The money from the DBRG sale will allow LPT to renovate its portion of the building, which will bring the LPT building current with all municipal and American Disabilities Act (ADA) standards.  The DBRG renovations will bring DBRG’s part of the building up to municipal and ADA standards.

The bathroom plumbing in the theatre will be fixed.  DBRG will install, at its expense, bathrooms which will be accessible to theatre patrons, estimated to include 8 stalls for the ladies room and 6 stalls for the mens room.

Formally known as Player’s Theatre, Children’s Corner, Teddy’s Playhouse, Teddy’s Playhouse for Children and the Director’s Studio, Muriel’s Cabaret Theatre is presently a weathered, black box-style theatre.  All children’s productions will move to the mainstage to create a new theatre for youngsters.  The kids will be able to experience all the magic of live theatre on a 365 seat Mainstage Theatre. When LPT put on “The Lion, the Witch and the Wardrobe“ in 1998, the theatre made a $7,000 profit because the Mainstage Theatre could accommodate more theatre goers.

The restaurant at Le Petit Theatre will be reminiscent of the style and ambiance of an old New Orleans manor house and feature similar details found in the restaurants housed in the building during the 1800s.  For example, the DBRG’s current design calls for black and gold chairs, neutral curtains with splashes of crimson and gold, glow lighting and gilded chandeliers in interiors with a pale green color scheme.  Design elements, interior decor, dishes and cocktails will remain faithful to the building’s history.