The Little Brown Box Pizza, the parent company of Pieology Pizzeria, a fast-casual restaurant chain founded by tennis legend Michael Chang and once backed by NBA superstar Kevin Durant, filed for Chapter 11 bankruptcy in California on Tuesday (December 9), Business Insider reports.

The filing states that Pieology's assets are reported to be between $100,000 and $500,000, compared to liabilities estimated between $1 million and $10 million, and lists more than 200 creditors, including landlords and vendors. The restaurant chain was founded in 2011 and allowed customers to "craft" their pizzas, calzones and other items in similar fashion to Chipotle, CAVA and other build-your-own fast casual restaurants.

Pieology said it had up to 130 locations operating in a press release announcing the hiring of former Tim Hortons executive and Supercuts president Shawn Thompson as its CEO in 2022, however, now lists only 40 locations, with the majority in California, as well as Texas, Florida, Puerto Rico and Hawaii. Additionally, Thompson's LinkedIn account suggests that his tenure as the company's CEO concluded in November.

Business Insider said it didn't receive a response from Pieology when it requested a comment, but noted that the company is expected to continue operating during its bankruptcy proceedings. Chang, an International Tennis Hall of Famer who was the youngest male tennis player to ever win a singles major, the 1989 French Open at 17 years and 109 days, is also seeking bankruptcy protection for another company, Kustom Partner, which appears to be Pieology's administrative arm.

Durant, a two-time NBA Finals MVP and one-time regular season MVP, discussed his investment in Pieology with ESPN in 2017, claiming he was "impressed with the quality" of the chain, however, the bankruptcy filing said no one owns more than 10% of the company, suggesting it has no current institutional owners.

Mark Blazor