All is not well in the world of chain pizzerias. Earlier today Uno Restaurant Holdings, the company behind Uno Chicago Grill and Uno Pizza Express, filed for bankruptcy protection in a Manhattan courthouse. The Boston-based restaurant chain has incured a $171 million long-term debt over the past few years, and has reached a debt-for-equity-agreement with a major noteholder group that will cut their liabilities by about $142 million. Although the company tried to employ various cost-cutting methods, the economic downtrurn hit Uno pretty hard, with the company reporting a loss of $22 million last year alone.
Recently Eater NY noticed the recent closings of two Manhattan Uno branches -- these were just two of the 17 retaurants the company shut down to try and fix their money crisis, and more shutters are on the way.