Italian eating place chain Buca di Beppo filed for Bankruptcy 11 chapter Monday, mentioning a lower in gross sales, emerging meals and hard work prices and staffing demanding situations.
The Florida-based corporate, recognized for its family-style eating, is the newest eating place industry to document for chapter this 12 months — becoming a member of the likes of Purple Lobster and Rubio’s Coastal Grill.
Buca di Beppo has $10 million to $50 million in property and $50 million to $100 million in liabilities, in step with its Bankruptcy 11 petition filed in US Chapter Courtroom in Dallas.
The chain plans on restructuring its 44 places, which can be positioned throughout 14 states.
The corporate cited emerging meals and hard work prices in addition to staffing demanding situations as causes for the chapter submitting. Common Pictures Team by the use of Getty Pictures
It in the past closed 12 eating places prior to submitting for chapter, in step with Reuters.
“It is a strategic step in opposition to a robust long run for Buca di Beppo,” Wealthy Saultz, the chain’s president, stated in a observation.
“Whilst the eating place business has confronted vital demanding situations, this transfer is the most productive subsequent step for our logo. Via restructuring with the continuing fortify of our lenders, we’re paving the best way towards a reinvigorated long run.”
Saultz added the corporate’s day by day operations will stay the similar — in spite of the chapter submitting.
Italian eating place chain Buca di Beppo filed for Bankruptcy 11 chapter coverage on Monday. GC Pictures
“Buca di Beppo has been a loved accumulating position for celebrations and noteworthy foods for a few years, and we’re keen about coming into this subsequent segment of our logo’s tale,” he stated.
The Submit has reached out to Buca di Beppo for remark.
With Submit wires
