New York – from www.crainsnewyork.com – Strip and night clubs in Times Square took a beating this week.

Two hot spots, China Club and Cheetahs Gentlemen’s Club & Restaurant, are seeking bankruptcy protection and filed for Chapter 11.

China Club’s filing blamed the fall of Lehman Brothers for its financial troubles. Located on West 47th Street, just a few blocks from Lehman’s former headquarters, the investment bankers were regular patrons. The club also said in the filing that business began declining in 2007.

The club, a New York City institution since 1986 when it first opened on the Upper West Side, listed both assets and liabilities between $1 million and $10 million.

Cheetah’s does not have a storied past. But the club that opened in 2007 certainly has a story. It’s known for serving all-you-can-eat sushi served on partially naked women.

Trend-spotting newsletter Urban Daddy described the experience as the ancient Japanese art of nyotaimori, or “female body presentation.” Web site The G Manifesto described Cheetahs as one of the Top 10 strip clubs in New York.

The owner, Larry Gribler, is apparently involved in litigation over ownership of the club and is considering selling it, according to his lawyer, Douglas Pick of Pick & Zabicki. Mr. Gribler is president of Three Amigos SJL Inc., which is the corporate parent of the club.

The Cheetahs bankruptcy filing also lists both assets and liabilities of between $1 million and $10 million.

In 2008, Cheetahs reported revenues of $2.5 million, according to Mr. Pick.