POSTED: 08:50 a.m. HST, Feb 12, 2011
LAST UPDATED: 09:01 a.m. HST, Feb 12, 2011
CONCORD, Calif. — The California company that promises to serve "The Last Honest Pizza" is filing for bankruptcy.
Round Table Pizza Inc. filed for Chapter 11 bankruptcy on Wednesday, but executives insist that it won't affect the pizza chain's 483 restaurants for now.
The Contra Costa Times reports that the company listed debts ranging from $10 million to $50 million. In court documents, the Concord-based company blamed its financial troubles on an expansion it launched just before the recession hit.
Executives say they will try to get concessions on rental rates from owners of its restaurant properties.
Round Table owns 128 restaurants and has 355 franchises in Alaska, Arizona, California, Hawaii, Nevada, Oregon and Washington.
Vice President Jim Robertson says some company-owned restaurants could close, and some employees could be laid off.