Giordano’s operations continue through Chapter 11 proceedings

 
May 15, 2011

Philip V. Martino was appointed as the Chapter 11 trustee for Giordano's Enterprises Inc., Giordano's Franchise Inc., Americana Foods Inc. and 30 affiliated companies by the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division.

Giordano's operates six restaurants and franchises or is the joint venture for 41 additional units. Only the six company-operated restaurants are included in the Chapter 11 proceedings.

"Thanks to the strong support of Fifth Third Bank, the company's primary secured lender, the Official Creditors' Committee, and the continued performance of Fred Caruso as chief operating officer, day to day business operations will not change because of my appointment," Martino said. "This will allow me to focus on the sale process already underway. Even though the formal marketing process for the sale of the company has not begun, I am amazed at the level of interest expressed by numerous parties".

Martino is a partner with the law firm of Quarles & Brady and has extensive experience with restaurant franchise operations.

Founded in Chicago in 1974, Giordano's has been a Chicagoland institution for 36 years and is primarily known for its "Chicago World Famous Stuffed Pizza." Giordano's remains open for business and fully operational through the Chapter 11 procedures.


Topics: Financial Management , Operations Management


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