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Chicago pizza parlor Giordano’s filed for Chapter 11 bankruptcy protection Wednesday.
The chain and its 32 affiliates owe more than $45 million to Fifth Third Bank – its main lender – and major sums of money to creditors like Saputo Cheese USA and Heinz North America, the Chicago Tribune reports.
Giordano’s filing is the latest in a recent string of bankruptcy declarations from big businesses, including America’s Historic Roundhouse in Aurora and Borders.
But unlike many Chicago-area Borders locations, Giordano’s restaurants will stay open. With court approval, the company will use some of the $36 million bankruptcy loan to continue operating, according to the Tribune.
There are more than 55 Giordano's locations in Illinois and Florida, according to its Web site. Its affiliates include Mount Prospect-based Americana Foods, Inc. and Randolph Partners LP, a real estate holding company.