Zhang Depei Bankruptcy: Family’s Business Failure in US

An American pizza chain brand that was invested by NBA superstar Kevin Durant and founded by Carl Chang, brother of tennis star Michael Chang.Pieologyofficially reached a turning point in fate.

“Business Insider” recently reported that Pieology’s parent company The Little
Brown Box Pizza Already applied in California Chapter 11 Bankruptcy Protection. According to court documents, the company’s current liabilities are at least twice as much as its assets, and the number of creditors exceeds 200, including multiple landlords and raw material suppliers.

This once-famous pizza brand is now at the crossroads of life and death.

Founded in 2011, Pieology focuses on the concept of “customized pizza”. Consumers can freely choose the base, sauce and toppings, and match it with a combination of American pizza and Italian pie.calzonequickly made a name for itself in the fiercely competitive fast food market.

In 2022, the company issued a press release announcing the appointment in a high-profile manner.Tim HortonsexecutiveShawn
ThompsonAs CEO, he claimed that the number of brand stores has expanded to 130。

However, just a few years later, reality took a turn for the worse.

According to the latest information from Pieology’s official website, there are currently only Less than 40 storesthe vast majority of which are concentrated in California, and the rest are scattered in places such as Texas, Florida, Puerto Rico, and Hawaii.

At the same time, Thompson’s LinkedIn profile shows that his term as CEO ended last month, but he has not publicly responded to the bankruptcy matter. Pieology only stated that it would continue to operate during the bankruptcy protection period and remained silent on external inquiries.

Pieology has attracted attention due to Durant’s investment. In 2017, Durant said in an interview with ESPN that he was “deeply impressed” by the quality of Pieology’s pizza, and this investment was once regarded as a “successful example of cross-border sports stars.”

However, according to the latest bankruptcy filings, currentlyNo individual or institution holds more than 10% of Pieology’s shares. Durant’s team also did not respond to the bankruptcy or the current status of its investments.

Financial data shows that The Little Brown Box Pizza currently declares only assets inUS$100,000 to US$500,000between, and the debt scale is as high asUS$1 million to US$10 millionthe financial pressure is extremely heavy.

In addition to the parent company, another company under Zhang Junpei’s name is Custom Partner The company also filed for Chapter 11 bankruptcy protection simultaneously. The company is considered the administrative and management unit of Pieology.

Court documents show that Kustom Partner’s creditors come from tax agencies in Florida, Oregon, Utah, Hawaii, Idaho, Georgia, Arizona and other states, reflecting that its operating problems are not limited to a single region.

The companies will continue to operate under court supervision and attempt debt restructuring, but the future remains uncertain.

Zhang Depei won the French Open men’s singles championship in 1989, becoming the youngest Grand Slam men’s singles winner in history, and his career-high ranking of second in the world. His elder brother Zhang Junpei also came from a tennis family and devoted himself to catering business after retiring.

However, even with celebrity endorsement, celebrity investment and capital blessing, Pieology is still not immune to the American restaurant winter with high inflation and soaring labor and rental costs.

From a hundred stores at its peak to now filing for bankruptcy and reorganization, the fate of this pizza chain has once again confirmed a reality – in the cruel catering market, fame has never been a “gold medal”.