At the end of the 1991 season, Joseph Entertainment Group filed Chapter 11 bankruptcy and did not open the park for the 1992 season. The park was put up for sale at a very low price. After being unable to find a buyer, JEG filed for Chapter 7 bankruptcy protection and liquidated the park. The land and what was left of the rides and buildings was sold to a previous owner, Stephen Barberino. His plan was to hold onto the park and the few rides and buildings left and sell it to another amusement park owner. The park remained closed for the 1992 and 1993 seasons, but during both years the beach area was opened for the three days of Labor Day weekend in order to preserve the park's status as the oldest continuously operating amusement and trolley park in the United States. In 1993, Funtime Parks, which owned the now defunct Geauga Lake near Cleveland, Ohio and Darien Lake near Buffalo, NY, among other parks, became Barberino's management partner. The existing rides were repaired, some new rides were added, and waterslides were constructed for the beach and lake areas. The park reopened for the 1994 and 1995 seasons. That year Funtime merged with Premier Parks, which went on to purchase Riverside Park (now Six Flags New England) 30 miles north near Springfield, MA and owned other parks such as Great Escape in Lake George, NY. Premier Parks and Barberino then put Lake Compounce up for sale again in 1995. Companies such as Cedar Fair, Alpha Smartparks, and the Kennywood Corporation made offers.