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Uno Chicago Grill Files for Bankruptcy

pizzeria_uno_gorham.jpgAll 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.

How the Pizza Chain Will Soldier On and More Over at Eater National>>>

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