Could Chapter 11 Deliver Giordano's To Competitor?

Already owning Gino’s East and Edwardo’s Natural Pizza, 62-year-old Jeff Himmel's West Loop-based Bravo Restaurants Inc. will be among the parties interested in making a bid for Giordano’s Enterprises, the Chicago Tribune reported on September 9, 2011. The Chicago-based deep-dish pizza chain is going to be sold as part of its Chapter 11 reorganization in U.S. Bankruptcy Court after filing for bankruptcy last February.

In addition to the Gino's East and Edwardo's restaurant chains, Bravo Restaurants also owns Ed Debevic's. The Tribune reported that Giordano’s is expected to sell for at least $40 million, with the pizza chain's main creditor, Fifth Third Bank, owed $45.5 million. The Apostolou family, who owned Giordano’s when it went into bankruptcy court, are also among the other interested bidders. John Apostolou lost control of Giordano’s in the bankruptcy, but his two sons own franchises in Chicago that are not part of the bankruptcy, according to the Tribune.

You do not need to own a pizzeria to be involved in a messy financial situation. Whether you are seeking Chapter 13 or Chapter 7 bankruptcy information, our Chicago bankruptcy attorneys have decades of experience helping people fight foreclosures, stop wage garnishment and rebuild credit. If you are struggling through hard times and wondering if now is the time to seek help with a bankruptcy means test, contact our office today for a free consultation.

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