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Find a way to cut costs. We love pizza here in Wilkes-Barre. There are over 90 Pizza shops in my immediate area I hope they arent in the same spot as you. Good Luck!
What would you do, Welcome
First I would go to Members page and tell us some info about you and the business.
You have gotten to great answers from NEPA G and Rick T. Do you have an Accountant??
You said that you have another "full time business which is your bread and butter"
Bankruptcy seems like the easy way out.
Either cut costs or close the doors and find another way to repay the loans (sell off assets, etc). Filing Bankrupcty may hurt your other bread and butter business.
Could even sale the pizza franchise to another person or the franchisor.
What does the franchisor say? Why are your costs so high?
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I started a franchise pizza rest, about 14 months ago.Sales have been steady at 30k per month, however expenses have been running 42k/mo. I have an SBA loan for 500k and another 150k in other business related debt. I'm in defferment with the SBA right now and I haven't paid the landlord in 3 months, trying to renegotiate the rent. I have another full time business which is my bread and butter. Should I declare bankruptcy with this business or try to borrow more money and hope the economy picks up and sales increase.