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
Guardianships in New Jersey: When a Loved One Can No Longer Manage Personal or Financial Affairs
When a family member can no longer make important decisions for themself, the question is often not whether the family will step in, but whether they have the legal authority to do so. A spouse may manage household finances, or an adult child may arrange medical care and pay bills. Still, informal assistance does not […]
Author: Marc J. Comer
New Jersey’s Revised UHAC Regulations: What Residential Developers Need to Know About Affordable Housing Commitments
New Jersey residential developers with affordable housing obligations should carefully review their existing approvals, development agreements, and proposed deed restrictions in light of the State’s revised UHAC regulations (Uniform Housing Affordability Controls). The regulations, which took effect on November 6, 2025, significantly change the administration and physical requirements for affordable housing units. For developers with […]
Author: Wendy Rubinstein Quiroga
“No Comment” Culture: Why Silence Is Often the Riskiest Legal Strategy
A “no comment” response is sometimes the right call when a legal problem arises. As a blanket policy, however, it lets allegations go unanswered, deadlines pass, evidence disappear, and manageable disputes grow into expensive litigation. The businesses that fare best are usually the ones that say little publicly while acting decisively behind the scenes. When […]
Author: Sean M. Pena
Utility-Scale Battery Storage Projects: A Legal Roadmap for Developers, Property Owners and Other Stakeholders
Utility-scale battery energy storage systems (BESS) are becoming an increasingly important component of the electric grid throughout New Jersey, New York, and Pennsylvania. As renewable generation expands, electricity demand increases and grid operators seek greater flexibility, battery storage can help balance supply and demand while providing additional capacity and reliability. For developers, battery storage presents […]
Author: Nicholas Wall
Navigating Disputes: Hire a Partnership Dispute Lawyer
A falling out between partners can be disastrous for any business. In many cases, the partnership will not survive. If you are in an unworkable situation with your partners, it may be time to consult a partnership dispute lawyer experienced in handling partnership breakups and dissolutions before the situation deteriorates any further. It is easy […]
Author: Jay McDaniel
Section 363 Sales in Bankruptcy: What Businesses, Lenders, and Buyers Need to Know
When a company enters Chapter 11 bankruptcy, many assume the process will culminate in a lengthy reorganization plan. However, distressed businesses are increasingly being sold through a different mechanism — a sale under Section 363 of the United States Bankruptcy Code. A Section 363 sale allows a company, as a debtor-in-possession in bankruptcy, to sell […]
Author: John D. Giampolo
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.