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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Popular pizza chain files for Chapter 7

It is a story common to many South Carolina small business owners -- a business falls on hard times and debt begins to mount. This was the case for an out-of-state pizza chain famous for its ready-to-bake pizzas, which filed for Chapter 7 bankruptcy on Dec. 3, 2014. This came on the heels of the company shutting down some two dozen locations across their home state as of last May.

The situation was fairly insurmountable for HomeMade Pizza, which listed a mere $50,000 in assets against a glaring $10 million in debt. The majority of the debt is owned by secure creditors, though several individuals also own large chunks. The news of the closing and subsequent bankruptcy filing came as a surprise to the chain's managers, some operating in neighboring states. The chain was apparently well-liked by customers, but ultimately the volume of sales was not enough to press forward.

The company was founded in 1997 by two brothers-in-law who are no longer affiliated with the brand. The owner who oversaw the company's closure said the idea of a part-pizzeria, part-grocery store simply didn't pan out the way company leadership had hoped. The filing is being overseen by a Bankruptcy Court in Illinois. 

Chapter 7 bankruptcy is often wrongly seen as a business owner "giving up" on his or her dream, but South Carolina business owners know differently. In fact, a bankruptcy filing can help put ownership back on the right track to a healthy fiscal status. This may mean more business opportunities in the future, ready to be harnessed and nursed toward success.   

Source: Chicago Tribune, "HomeMade Pizza files for bankruptcy, 8 months after closing stores", Robert Channick, Jan. 9, 2015

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