Food Industry
Industry: Email Alert RSS FeedComo Inn reorganizes after filing for Chapter 11
Nation's Restaurant News, April 22, 1996
CHICAGO -- Como Inn, a family-owned Italian restaurant and local institution since 1924, is reorganizing under Chapter 11 bankruptcy protection.
"I'm sure we will come out of this very intelligently and very positively," said Joseph Marchetti, co-owner. "We have resources to take care of our problems. We just need a little time to take care of some of our debts."
Claiming that business has been good although it has slipped some in the last three or four years, Marchetti said he wants to get company finances straightened out before the next generation gets more active in running the restaurant.
The restaurant has about $3.9 million in debts, according to an attorney for the company, and annual sales of more than $10 million.
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"We have spent a lot of money upgrading," Marchetti noted. "Maybe we stretched a little too far."
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