Le Cirque founder Sirio Maccioni has filed for Chapter 11 bankruptcy, revealing that they owe between USD$500,000 and $1 million. The restaurant, which has run for 43 years, will remain open and operating during this period. The initial filing was explained by Maccioni as a “short term cash flow issue,” however this news was followed by the abrupt resignation of head chef Tom Valenti. Valenti made only a short statement, saying that he “wished the family all the best.” Le Cirque has had to deal with location changes and a slow decline in reputation.In 2012,The New York Times gave the restaurant a blistering one star review. “If you asked these ingredients to speak for themselves,” the review said, “they would shrug and stare at the floor.”