Bertucci’s announced that it filed voluntary petitions for relief under Chapter 11 in the United States Bankruptcy Court for the District of Delaware as the company closed restaurants.
The company also revised its listing of locations, which showed the Christiana and Concord Pike restaurants remain open.
Right Lane Dough Acquisitions, LLC is serving as the stalking horse bidder, a term used in Chapter 11 proceedings
Under an agreement, Right Lane has agreed to purchase substantially all of Bertucci’s assets and assume certain liabilities, subject to higher or otherwise better offers coming out of an action for the company, a release stated.
The company has been closing restaurants that include a long-time location in the tourist-friendly Faneuil Hall area in Boston.
“Today’s filing is expected to be seamless for Bertucci’s guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company’s financial structure and position it for significant future growth,” said Brian Wright, CEO.
The chain pioneered brick oven pizza in the area but has been closing restaurants as it competes with quick service chains that don’t require customers to leave tips, Bloomberg reported.
A total of 59 Bertucci’s locations remain open for business. The company had 80 restaurants, Bloomberg reported.
Court filings and other information related to the restructuring proceedings are available at https://cases.primeclerk.com/Bertuccis.
Bertucci’s is headquartered in Boston and operates restaurants in an area extending from New Hampshire to Virginia.
