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
Why Compliance Monitoring Matters for NY and NJ Businesses
Compliance programs are no longer judged by how they look on paper, but by how they function in the real world. Compliance monitoring is the ongoing process of reviewing, testing, and evaluating whether policies, procedures, and controls are being followed—and whether they are actually working. What Is Compliance Monitoring? In today’s heightened regulatory environment, compliance […]
Author: Dan Brecher
When Are New Jersey Business Owners Personally Liable for Corporate Debt?
New Jersey personal guaranty liability is a critical issue for business owners who regularly sign contracts on behalf of their companies. A recent New Jersey Supreme Court decision provides valuable guidance on when a business owner can be held personally responsible for a company’s debt. Under the Court’s decision in Extech Building Materials, Inc. v. […]
Author: Charles H. Friedrich
Commercial Real Estate Trends to Watch in 2026
Commercial real estate trends in 2026 are being shaped by shifting economic conditions, technological innovation, and evolving tenant demands. As the market adjusts to changing interest rates, capital flows, and workplace models, investors, owners, tenants, and developers must understand how these trends are influencing opportunities and risk in the year ahead. Overall Outlook for Commercial […]
Author: Michael J. Willner
One Big Beautiful Bill: New Tip Income Tax Rules Employers & Workers Need to Know
Part 2 – Tips Excluded from Income Certain employees and independent contractors may be eligible to deduct tips from their income for tax years 2025 through 2028 under provisions included in the One Big Beautiful Bill. The deduction is capped at $25,000 per year and begins to phase out at $150,000 of modified adjusted gross […]
Author: Scott H. Novak
One Big Beautiful Bill: New Overtime Tax Rules Employers and Employees Need to Know
Part 1 – Overtime Pay and Income Tax Treatment Overview This Firm Insights post summarizes one provision of the “One Big Beautiful Bill” related to the tax treatment of overtime compensation and related employer wage reporting obligations. Overtime Pay and Employee Tax Treatment The Fair Labor Standards Act (FLSA) generally requires that overtime be paid […]
Author: Scott H. Novak
New York’s FAIR Business Practices Act: What the New Consumer Protection Measure Means for Your Business
In 2025, New York enacted one of the most consequential updates to its consumer protection framework in decades. The Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Act) significantly expands the scope and strength of New York’s long-standing consumer protection statute, General Business Law § 349, and alters the compliance landscape for New York […]
Author: Dan Brecher
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.