Pieology, a beloved pizza chain considered by some to be the \u201cChipotle of pizza,\u201d has filed for bankruptcy.<\/p>\n
The Little Brown Box Pizza, which owns the California-based chain restaurant, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California this month. Pieology is known for its assembly-line structure that allows customers to customize their orders, much like Chipotle. <\/p>\n
Chapter 11 bankruptcy is a process through which a company can come up with a reorganization plan that allows it to still operate while paying back its debts. <\/p>\n
In court filings, the company said its debts are worth at least doubled its assets, according to Business Insider. The filings also indicated that no one owns more than 10 percent of the company, suggesting there is not a current institutional owner, the outlet reports.<\/p>\n
The chain was founded in 2011 by Carl Chang, the brother and former coach of tennis champion Michael Chang. <\/p>\n
Pieology, a popular pizza chain restaurant, has filed for Chapter 11 bankruptcy protection (Pieology)NBA player Kevin Durant\u2019s company also invested in the company in 2017.<\/p>\n
“I went to one of them and saw how quickly they did it and was really impressed with the quality,” Durant told ESPN in 2017. “I just felt like, given how fast our lives are these days, we don’t want to wait for our pizza anymore.” <\/p>\n
Pieology has multiple locations in California, with several storefronts concentrated in the Los Angeles area, according to its website. The chain also has locations in other states, including Florida, Nevada, Oregon and Texas. The restaurant\u2019s website now lists about 40 locations in total.<\/p>\n
In 2022, the chain had about 130 locations, according to a press release announcing Shawn Thompson as the company\u2019s new CEO. Thompson was formerly the president of the coffee brand Tim Hortons USA.<\/p>\n
The chain saw several store closures leading up to this month\u2019s bankruptcy filing, according to Business Insider.<\/p>\n
The Independent has contacted Pieology for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pieology, a beloved pizza chain considered by some to be the \u201cChipotle of pizza,\u201d has filed for bankruptcy. The Little Brown Box Pizza, which owns the California-based chain restaurant, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of California this month. Pieology is known for its assembly-line structure […]<\/p>\n","protected":false},"author":2,"featured_media":5160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-5159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n