Beale Street In Memphis, Tennessee. (Photo by Education Images/UIG via Getty Images)
The future of one of Tennessee's most well-known city streets is up in the air.
This week, a federal bankruptcy judge ruled the city of Memphis can take over Beale Street Entertainment District.
Here's the problem: the city owns the land, a company called Perfoma maintains the property, and a third part, Beale Street Development Corporation leases it. Now that Perfoma has filed bankruptcy, everything is in question.
The Memphis city mayor has set up a panel to explore Beale Street's future.