March 7, 2011 Business Bankruptcy News from Total Bankruptcy
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Businesses That Are Filing Bankruptcy: March 7, 2011 Update


The economy's been rough on both consumers and businesses. Read about some of the latest businesses who've filed bankruptcy.

Giordano's Pizza Files for Chapter 11

The Chicago based pizzeria chain filed for Chapter 11 bankruptcy protection in mid February, 2011.

They and their nearly 40 debtors requested a meeting so the bankruptcy judge could authorize the company to make payroll and vendor payments.

The attorney representing the debtors said that after the company failed to pay a loan payment on January 1, the bank determined the loan was in default.

In order for the company to continue business (and paying its employees), they filed Chapter 11.

Giordano's was founded in 1974 and they are widely known for their stuffed pizzas.

Borders Files for Bankruptcy

It's not just the corner bookstores going broke any more (which some say was due to book megastores encroaching on their territory). Retail giant Borders recently filed for Chapter 11.

The company said the economy combined with a shift in its market has led to its massive debts.

Borders plans to close around 200 of its stores. Before a lot of the stores close, there will be book clearances.

Borders is a 40-year old company. After those stores close, there will still be about 400 stores open for business.

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