Detroit pizza plan in default
Louis Aguilar-The Detroit News
The attempt to bring a Shield's pizza restaurant back to Detroit has ended up in a large pile of dough owed to the bank.
The Troy-based chain left Detroit, where it started, in the mid-1980s and focused on suburban growth. In 2007, the chain announced plans for a franchise to open a street-level eatery at the Kales Building Lofts at downtown's Grand Circus Park.
The plan never came to fruition. Earlier this week, the lenders of an $819,000 loan filed a lawsuit in U.S. District Court charging the investors behind the downtown plan defaulted on the loan signed in 2008. The outstanding balance is $798,777, according to the suit.
Shield's Pizza to Abandon Detroit Again?
Four Years Gone.