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Chapter 11 In Store for Giordano's Pizza Chain

Giordano's, the popular pizza chain based out of Chicago, has announced that it will file for Chapter 11 bankruptcy this month. However, it has been given court approval to continue operating its stores using part of a $36 million bankruptcy loan to pay vendors and employees.

At this time the chain owes about $46 million to Fifth Third Bank, its primary lender, as listed in the company's bankruptcy filing. The chain, known for its stuffed pizza, has several stores in Chicago itself as well as four joint-venture locations and 35 franchised restaurants. They also sell frozen pizza available for overnight delivery.

John and Eve Apostolou, owners of the chain, are represented by attorney Michael Gesas. He commented that although the pizza business is still strong, Giordano's failed financially after it defaulted on some real estate loans.

No matter how big or small your company is you could salvage your poor financial situation by filing for bankruptcy. To learn more about your options, contact our law office to discuss your case with a Chicago bankruptcy lawyer.  

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