Looks like in this case the issue is really more of a landlord-tenant dispute than an issue of the bar being financially unsound:
An attorney for Toby Keith's said the company has placed rent in escrow because the landlord violated a lease clause promising it would not recruit competing venues to the Cincinnati riverfront.
“We have exclusive language in our lease that clearly states no other country-music themed bar will be in the project over 5,000 square feet,” said attorney Gregory McClure. “They leased space behind us called Tin Roof, which became a direct competitor. They advertise on the same radio station. They book the same bands. As soon as they remedy the situation, they’ll get every penny they’re owed.”
McClure said the bar is "financially viable" but it will shut down if the issue is not resolved.
I can completely understand them being not happy about this situation (though, they probably should have had a more specific contract written -- I don't know that Tin Roof qualifies as "Country Themed").