Hooters CEO Sal Melilli joins ‘Fox & Associates’ to debate plans to return the model to its roots as a ‘neighborhood restaurant.’
Italian restaurant chain Bertucci’s is closing extra places after submitting for chapter once more to mitigate losses.
The Massachusetts-based enterprise, which has places alongside the East Coast and is finest identified for its brick oven pizza and pasta, filed for Chapter 11 chapter safety in Florida final week. It marked the chain’s third chapter since 2018.
Bertucci’s additionally closed seven of its underperforming places – 5 in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant places in six states, in accordance with courtroom paperwork.
RESTAURANT CHAIN BERTUCCI’S FILES FOR BANKRUPTCY PROTECTION
Italian restaurant chain Bertucci’s has filed for chapter for the third time since 2018. It has additionally closed seven eating places to mitigate losses, in accordance with an April 24 chapter submitting. (WFXT)
The corporate cited the “deterioration” of the U.S. economic system and “lack of consumer demand for legacy casual-dining brands” as the explanation why the restaurant chain has been working at a loss, in accordance with the submitting.
FAST-FOOD CHAIN CLOSING UP TO 200 ‘UNDERPERFORMING’ LOCATIONS
“With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci’s] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline,” as said within the chapter paperwork.
Bertucci’s has belongings and liabilities between $10 million and $50 million, in accordance with the submitting.
TGI FRIDAYS’ US FOOTPRINT HAS SHRUNK TO 85 RESTAURANTS ACROSS THE COUNTRY
The restaurant chain hopes chapter will present the enterprise with a “breathing spell” so it will probably “determine the best path forward and formulate an overall reorganizational plan,” it stated within the submitting.
In April 2018, Bertucci’s filed for Chapter 11 chapter safety and closed 15 eating places. In December 2022, amid challenges attributable to the COVID-19 pandemic just like the closure of eating places and inflation, it declared chapter for a second time and streamlined operations all the way down to 23 places, in accordance with the submitting.
Bertucci’s beforehand filed for chapter in 2018 and 2022. (WFXT)
CLICK HERE TO GET THE FOX NEWS APP
Bertucci’s didn’t reply to FOX Enterprise’ request for remark.
