Will Uno Chicago Grill Be The Next Restaurant Chain To File For Bankruptcy?

At the risk of inviting another pointless “this pizza is better than that pizza” debate in the comments, we feel it is necessary to inform you that Uno has run into some nasty looking debt problems and some people are speculating that they may be the next restaurant chain to go under.

Bloomberg is reporting that the chain “will have its credit ratings cut to “default” if it goes ahead with a plan to miss a bond payment due this week.” Uno Restaurant Holdings Corp, which is based in Boston (not Chicago, ahem), and whose restaurants are located predominantly in East Coast states like New York, Pennsylvania and Massachusetts, said that they have 30 days before they default in which to figure something out.

“We are not in any imminent danger of filing for bankruptcy,” Uno Chief Financial Officer Louie Psallidas told the Wall Street Journal.

When asked about the recent string of chain restaurant failures, Mr. Psallidas replied: “Those other restaurants that filed, their concepts haven’t remained relevant. Ours has.”

The Wall Street Journal says that Uno Chicago Grill has “moved in recent years to a more expansive menu of grilled, fried and sautéed fare, including Angus beef steaks and Bolognese pasta, and drinks such as pomegranate margaritas.”

Oh well. Long live Lou Malnati’s.

Uno Restaurant Chain Talks With Lenders on Payment

Uno Restaurant Faces `Default’ Grade on Missed Coupon (Update3) [Bloomberg]