Uno Chicago Grill Filing Bankruptcy: Deep Dish to Deep Debt
Pizzeria Uno has gone from deep dish to deep debt.
The popular restaurant chain which grew out of Chicago to include 179 stores in 28 states is filing bankruptcy according to a report in the Chicago Tribune.
Deep dish pizza is trademark of Chicago, but Uno Restaurant Holdings found ways to take the pie worldwide. They operated “quick serve” and “fast casual” variations of their flagship restaurant including Uno Express and Uno Due Go. The company also had a consumer foods division and many refrigerated foods products.
Though their money-maker was born in Chicago, Uno Restaurant Holdings is now based in Massachusetts. The company owns and operates 99 restaurants, with franchisees maintaining the rest. Those restaurants, along with 215 “kiosk” Uno Expresses are not included in the bankruptcy filing, reports Bloomberg.
Uno will use the bankruptcy protection to reorganize the company and $142 million in debt. Although the bankruptcy isn’t a Chapter 7 liquidation, 16 stores were closed leading up to the filing.
Along with many restaurants and retailers, Uno has struggled in the recession, posting loses of $22.2 million last year and $15.1 in 2008, says Bloomberg.
Founded in 1943, the company is still partly family owned.