Chicago pizza chain files Chapter 11 bankruptcy
Bankruptcy
The Chicago-based pizza chain Giordano's has filed for Chapter 11 bankruptcy, but will continue operating with court approval to use part of a $36 million bankruptcy loan to pay employees and vendors.
The chain, known for its stuffed pizza, owes nearly $46 million to Fifth Third Bank, its main lender, according to this week's bankruptcy filing.
The company runs stores in the Chicago area, four joint-venture locations and 35 franchised restaurants. The chain sells frozen pizzas for overnight delivery.
John and Eve Apostolou own the pizza chain. Attorney Michael Gesas, representing the debtors, says the pizza business is strong, but the company defaulted on real estate loans.
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