Remember back in February when Giordano’s filed for bankruptcy? At the time, the company claimed the move was due to some bad real estate deals, but an incident last week raises new questions. On Thursday, Philip Martino was assigned as the Chapter 11 trustee for the company. The Wall Street Journal believes that move “effectively fired” Giordano’s president, John Apostolou. Martino then attempted to enter the corporate headquarters “to retrieve key business records that could shed light on the chain’s current financial state.” But Apostolou barred Martino from entering the building, and also refused to leave. It was described as a “standoff,” and Apostolou actually called the sheriff’s department.
Martino then contacted a judge who ordered Apostolou to leave. This is very sad news for the classic Chicago pizzeria. A federal bankruptcy watchdog claims that the company has fired its attorneys, fallen behind on court fees, and may have “violated a financing agreement that would have triggered a change in leadership.” Hopefully it can get back to simply making stuffed crust pizzas soon.
Court Orders Giordano’s Owners Out of Chicago Headquarters [Wall Street Journal]
