In a surprising development, a cherished pizza chain that has been a staple for Minnesotans for five decades has suddenly ceased operations and declared bankruptcy.
Gina Maria’s Pizza, known for its delicious offerings, shuttered all four of its locations back in October, leaving its loyal patrons with unanswered questions and empty stomachs.
According to a bankruptcy filing dated March 26, the owners of the pizza business are facing financial turmoil, with debts nearing $3 million, contrasted by a paltry $64,000 in assets.
The parent company, Northern Brands Inc., has submitted a Chapter 7 bankruptcy filing, signaling an impending liquidation rather than a potential turnaround or restructuring.
Liquidation is the process where a business closes its doors and sells off its remaining assets, using the proceeds to settle debts, prioritizing creditors, and owners receiving any remaining funds last.
On the other hand, restructuring involves altering the business’s operational strategy, which might include cost-cutting and reorganization, to facilitate continued operations.
‘If they’re gone forever, this is sad. My family and I love Gina Maria’s. My kids looked forward to when we would drive from Bloomington to the [Eden Prairie] location to get lunch slices,’ one user wrote.
‘First pizza we ordered when we moved back to Minnesota on the enthusiastic recommendation of our moving company,’ another user shared.
Gina Maria’s Pizza in Minnesota closed the doors of all four locations to the public back in October
The pizza business owners had nearly $3 million in debts, with only a mere $64,000 in assets
‘Must have ordered 100 times since 2006. Sorry to see them go. Really good pizza,’ they added.
Gina Maria’s first opened its doors in 1975 in Minnetonka and eventually grew to serve customers in Chanhassen, Eden Prairie, Edina, and Plymouth.
A new chapter begins at the former Eden Prairie location of Gina Maria’s, now home to Pizzas Gina.
Owner Ulises Godinez told Eden Prairie Local News that the restaurant is keeping the legacy alive by using the original recipes from the last pizzeria.
He added that the previous owners even left behind kitchen tools and supplies to help him get started.
It’s not just local restaurant chains that are facing trouble.
Hundreds of grocery workers are losing their jobs as Albertsons shuts more stores across the US.
The 86-year-old supermarket giant closed 20 locations in Texas, California and Washington, DC last year – and now plans to axe even more locations founded in Boise, Idaho.
The move comes just months after its blockbuster $24.6 billion merger with Kroger collapsed in court.
Gina Maria’s Pizza at 7416 Mitchell Rd., Eden Prairie, Minnesota
Albertsons operates over 2,200 stores across 35 states under banners including Safeway, Vons and Pavilions
Albertsons – founded in Boise, Idaho – operates over 2,200 stores across 35 states under banners including Safeway, Vons and Pavilions.
Two Albertsons stores in North Texas are set to close by the end of April, cutting 138 jobs.
In Washington, DC, a Safeway store will shut in May – putting another 87 workers out of work.
Southern California will lose 135 jobs as Vons stores in Escondido and Redlands close down in April.
The closure of an Albertsons near Riverside in March left a further 75 people unemployed, and a Safeway that closed in Northern California earlier this year axed another 76 jobs.
