Orlando-based casual restaurant chain, Buca di Beppo has announced that it has voluntarily initiated Chapter 11 proceedings to facilitate a sale and ensure continued operations.
The filing was made under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas.
The announcement of the decision follows the company’s closure of several of its locations.
The restructuring aims to optimize operations and enhance the dining experience for customers.
“This is a strategic step towards a strong future for Buca di Beppo. While the restaurant industry has faced significant challenges, this move is the best next step for our brand. By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future, Buca di Beppo has been a beloved gathering place for celebrations and memorable meals for many years, and we are enthusiastic about entering this next phase of our brand’s story.”
said Rich Saultz, President.
The Filings attribute the primary cause of their financial struggles to increased hiring costs and related challenges. The 21-page petition also revealed that the company owes close to $50 million to around 30 creditors.
44 core locations are being restructured, with one new location in the process of opening.
All gift cards, reservations, and promotional services remain active and redeemable.
Gray Reed & McGraw LLP is providing legal advice, CR3 Partners LLC is the financial advisor, and Stout Capital, LLC is the investment banker.
Buca di Beppo is committed to serving its customers, employees, and vendors, aiming to emerge from the process stronger and more resilient.
SOURCE BUCA C, LLC
Discover more from BITVoxy Global
Subscribe to get the latest posts sent to your email.