Giordano’s Files For Bankruptcy, Plans To Stay Open

February 21, 2011 by Cris | 0 Comments

Chicago Tribune:

Giordano’s, known for its “world famous Chicago stuffed pizza,” won court approval Thursday to use a portion of its $36 million bankruptcy loan to continue operating.

Fifth Third Bank provided the financing. The bank agreement outlines the possible sale of the company.

Giordano’s operates six company-owned stores in the Chicago area, four joint-venture stores and 35 franchisee locations, according to its court filing. Giordano’s also sells frozen stuffed pizzas via overnight delivery.

The pizza chain and 32 affiliate businesses filed for Chapter 11 bankruptcy reorganization Wednesday in federal court in Chicago. It owes $45.7 million to its main lender, Fifth Third Bank, according to the filing.

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