Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comKey Contacts
Back
Chicago-area chain HomeMade Pizza filed for protection under Chapter 7 of the bankruptcy law last month.
The fresh foods chain filed its Chapter 7 petition Dec. 3, listing assets between $10,000 and $50,000 and liabilities of about $11.2 million, according to Crain’s Chicago Business. Through this Ch. 7 liquidation bankruptcy, HomeMade Pizza will formally liquidate its assets and apportion them to pay what it can of its debts.
The filing demonstrates just how bad the financial condition of the take-and-bake pizza company was – even after closing its 30 stores on May 30 of last year, the news source reported. Of the $11.2 million that HomeMade Pizza owes to 130 creditors, almost half of that – $5.1 million – is owed to HMP, an investment entity controlled by Matthew Pritzker. HomeMade also has large debts to investors Gary Brinson, Martin Murch and Gary and Mary West.
The privately held chain was founded by brothers-in-law Eric Fosse and Matthew Weinstein in 1997, according to The Chicago Tribune. The two are no longer affiliated with the company. HomeMade Pizza offered unbaked pizzas made with fresh, local ingredients. Customers would purchase pies and bake them at home themselves. Unfortunately for the company and its investors, this intriguing business model ultimately proved to be unsuccessful.
“It was extremely popular with our fan base,” Rick Spicher, who was the company’s chief operating officer during its last 18 months, told the news source. “We just didn’t have enough volume coming in.”
Fosse echoed this sentiment in a conversation with Crain’s.
“We grew this thing from a seed into something we felt was really great,” said Fosse, who wasn’t involved in the company after his departure. “A lot of factors beyond our control brought it to an unpleasant end. I feel bad for the customers and everyone involved with HomeMade Pizza. It was a great product and a great ride.”
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Breaking Down New Jersey’s “Mansion” Tax: What Buyers and Sellers Need to Know
For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan
Estate Planning for Digital Assets Under New Jersey Law
As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
Author: Marc J. Comer
The Role of Representation and Warranty Insurance in M&A Transactions
In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
Author: George McGowan
You Just Received a Federal Grand Jury Subpoena in New Jersey: Now What?
Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: George McGowan
Why Every Business Should Conduct an Annual Insurance Coverage Review
Most New Jersey business owners purchase insurance policies, file them away, and assume they are protected if a claim arises. Without a regular insurance coverage review, many companies discover gaps only after a lawsuit, cyberattack, property loss, or other significant event occurs. An annual insurance coverage review can help businesses identify potential risks, ensure their […]
Author: George McGowan
Demand Letters & Cease and Desist Letters: When to Send One (and When Not To)
Businesses and individuals often encounter situations where another party breaches a contract, fails to pay a debt, or continues harmful conduct. In many such disputes, a precisely drafted demand letter or cease-and-desist letter serves as a powerful legal tool. It can frequently resolve the dispute and avoid litigation. While demand or cease-and-desist letters can resolve […]
Author: George McGowan
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.