Despite a remodeling that led to increased dining and other business at the historic Denver Press Club, the institution is once again struggling to make ends meet.
The club is 30 to 90 days behind in paying about 24 vendors, said Mark Stutz, vice president of the club’s board.
The board is working to pay those bills, said Daniel Young, general manager and chef.
Young is owed about $18,000 in commissions that he receives on events at the club, and the board plans to pay him over several months, he said.
Young blamed growing pains for the problems. A volunteer board that manages the business didn’t plan for a routine summer slowdown, he said.
Despite the problems, the club is in no danger of closing its doors, Stutz said. A large number of events have been booked through the holidays, and the board recently hired a marketing person to improve business.
The board also has hired Voss Financial Services to handle its accounting, Young said.
Before it was remodeled in 2002, the club, founded in 1884 and in continuous operation since 1905, was teetering on the edge of financial ruin. Since then, it has built a reputation for good dining and become adept at hosting wedding parties and other functions, Stutz said.
Prior to the remodeling that began in 2001 and cost more than $200,000, the club generated no more than $187,000 a year in revenues. But with a strong marketing campaign, revenues grew to more than $500,000 in 2004, said former treasurer Nancy Clark.
Staff writer Tom McGhee can be reached at 303-820-1671 or tmcghee@denverpost.com.
