Giordano’s, which claims itself to be the world’s most famous stuffed pizza, has filed for Chapter 11 protection in U.S. Bankruptcy Court in Chicago, where the company is headquartered.
According to the Wall Street Journal, the filing was made Wednesday, claiming it has an “urgent and immediate need for cash to continue to operate.”
The company is more than $45 million in debt to its lender, Fifth Third Bank. An approval was granted to use a portion of its bankruptcy loan, totaling $36 million, to stay open during the case.
Giordano’s bankruptcy filing affected 32 affiliates, as well. Also seeking Chapter 11 protection were Americana Foods Inc., a supplier, and Randolph Partners LP, which owns restaurant buildings, joint ventures and franchises.
Giordano’s has more than 55 locations in Illinois and Florida.