When you ask Chicagoans to name certain things that make Chicago unique among other American cities, many will mention Deep Dish pizza as one of the best foods Chicago has to offer. This makes the news, that local pizza chain Giordano’s is filing for Chapter 11, even harder to handle.
The company began in 1974 after two Italian immigrant brothers decided to create authentic Italian pizza after realizing the lack of its availability in Chicago. The company currently boasts six company-owned restaurants and four joint-venture restaurants in Chicago, and 35 franchised locations throughout the Chicagoland area. The company was purchased in 1998, by John and Eva Apostolou. The new owners began to expand franchise operations into Florida in 2005. The decision to expand the franchise may have been the cause for the current financial troubles that plage the Chicago institution. The Apostolou’s have defaulted on there loans to Fifth-Third Bank and owe $45.7 million to the bank.
The restaurants will remain open during the bankruptcy case, but a possible sale of Giordano’s by the Apostolou’s has been mentioned as a possible option to resolve the financial issues.