It’s safe to say that things aren’t so “happy” right now at Happy Joe’s Pizza. Earlier this month we told you that two other locations in eastern Iowa had closed for real. Maquoketa and Eldridge restaurants have closed. Now, Happy Joe pizza lovers have even more bad news.
The Quad City Times reports that Happy Joe’s Pizza has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. Dynamic Restaurant Acquisition Inc., doing business as Happy Joe’s Pizza, filed the petition on September 2. Company President and CEO Thomas A. Sacco signed the petition. However, in a response to the Times article, Sacco noted that the bankruptcy only affects company-owned establishments and that 90% of Happy Joe’s restaurants are franchised and not part of the bankruptcy.
Sacco took over the business almost two years ago, according to KWQC. He responded to the closure of several sites earlier this month by saying the closures were business decisions. As locations in Iowa have closed, the franchise has signed deals to build stores in St. Louis, Missouri, and Mesa, Arizona, according to KWQC. The company also plans to open four more sites in Egypt by the end of the year. But the financial figures revealed in court documents do not bode well for future expansions.
The temperature reports that according to the bankruptcy petition, Happy Joe’s recorded a loss of net income of $1,196,579 in fiscal year 2022. The company reported net income in 2021 of over $766,000. KWQC reports that Sacco will continue to speak to franchisees to keep their spirits up during these difficult times.
If you’re a Happy Joe’s pizza fan like me, hoping their taco pizza doesn’t go away.
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