BUSINESSJANUARY 20, 2010, 3:29 P.M. ET.
Restaurant Owner Uno Files for Chapter 11
By PATRICK FITZGERALD
From the Wall Street Journal
Uno Holdings Corp., the parent of the Uno pizzeria chain, filed for bankruptcy protection Wednesday with a plan that cuts $142 million in debt from its books and gives control of the company to bondholders.
The privately held company filed for Chapter 11 protection in U.S. Bankruptcy Court in Manhattan.
Read the rest of the article at http://online.wsj.com/article/SB10001424052748704320104575015370094036624.html?mod=djkeyword
Thursday, January 21, 2010
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1 comments:
What a shame. Uno's is a such a classic brand in Chicago. Unfortunately, they never seemed to be able to replicate the magic that they established at their original locations downtown Chicago. They changed the product for the national roll out to keep things simple, but a lot was lost along the way.
This Chapter 11 could have been avoided if they would have sold off under performing restaurants to franchisees in November of 08 like a lot of other restaurant franchisors. This could have eliminated a lot of the debt that ultimately dragged them into Chapter 11.
http://www.francorp.com
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