Historic Pizza Restaurant Hopes to Emerge from Bankruptcy
After filing for Chapter 11 bankruptcy in late January, UNO Restaurants Holdings Corporation (UNO) hired real estate and financial restructuring firm Huntley, Mullaney, Spargo & Sullivan, LLC (HMS) to help restructure and/or renegotiate their remaining leases. The company, founded in 1943 as Pizzeria Uno, currently operates 175 restaurants in 28 states and already has closed 17 of them.
“Together with UNO corporate management, we are evaluating each site in the portfolio and will restructure leases to ensure the long-term success of each unit that is assumed in the bankruptcy,” said HMS engagement partner Bill Sullivan. “We will focus on keeping viable restaurant locations open throughout the process, creating cash flow and retaining employees,” explained the former restaurant CFO.
For more information from HMS on how struggling commercial retail tenants may be able to reshape their current leases for some or all of their store locations, see “Use Restructured Leases to Avoid, Emerge from Bankruptcy,” Insider, August 2009.