Pieology Pizzeria — a fast-casual pizza chain known for its DIY, stone-fired pizza — has filed for Chapter 11 bankruptcy protection.
The brand's parent company, California-based Little Brown Box Pizza, issued the following last week, listing $1 million to $10 million in debts .
Founded in 2011, Little Brown Pizza Box once boasted more than 100 locations, QSR Magazine reported.
Now, the company has dwindled to about 40 locations across Hawaii, California, Nevada, New Mexico, Texas, Florida and Guam.
Court filings show the company is entering bankruptcy protection with assets ranging between $100,001 and $1 million.
Pieology is known for its subway-style service and is often hailed a "pioneer" in the DIY pizza sector .
On its petition, Pieology listed more than 200 creditors including landlords and venders.
The filing comes approximately eight years after the chain's peak expansion.
In 2017, the company grew to about 150 locations after securing investments from Panda Express founders and even NBA all-star Kevin Durant.
Restaurant News reports that Pieology's momentum slowed in recent years as it faced mounting competition, growing debts and "market saturation."
The company said it plans to restructure operations while continuing to serve customers.
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