John Reese's Synergy Global Entertainment 'hit by perfect storm' & files for bankruptcy
he was "hit by a perfect storm of adverse market conditions" this year, seeing a “massive drop” in ticket sales and a decline in revenue per ticket compared to previous years. Reese said problems started appearing on the horizon in April, only to worsen through the summer and ultimately become “untenable.”
Last month's Real Street festival in Anaheim was his last event — weeks early, Reese had quietly disolved his company and his staff has mostly been picked up by fellow indie promoter Danny Wimmer Presents . Reese, who had been a partner in Real Street with the company that operates the Honda Center arena, had to withdraw his financial support for the event but did help produce the festival, listing his losses as "ammount not yet known.
The filing shows he owes about $180,000 in artist fees to Paradigm and $162,000 to WME. He’s also believed to have an outstanding debt to Sound Talent Group. The full bankruptcy filing can be foundIt is with deep regret and after exhaustive efforts to save the business, SGE is now closed.
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