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Article: OWNERS OF LOCAL PIZZA HUTS FILE FOR BANKRUPTCY.(BUSINESS)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- March 14, 1998
CopyrightCOPYRIGHT 1998 Albany Times Union. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: DAVID ORENSTEIN Business writer
The Horizon Collective, one of the area's largest fast-food operators and minority-owned businesses, has sought to reorganize its troubled finances in U.S. bankruptcy court after a disappointing first year in the area.
The operator of 47 Pizza Hut restaurants filed for Chapter 11 protection from creditors. The company, which reported more than $20 million in annual sales in November, listed assets of $9.1 million and liabilities of $11.1 million. It has 24 eateries in the Capital Region.
Most of the company's liability, $8.5 million, is owed to Banco Popular, the bank that financed the company's ...