Bertucci’s Restaurants has filed for Chapter 11 bankruptcy protection for the second time in four years, citing pandemic and inflation-related fiscal challenges.
According to the court documents filed with the U.S. Bankruptcy Court with the Middle District of Florida on Dec. 5, the casual-dining Italian chain is at least $48.85 million in debt ($20.85 million in secured loans, $26.5 million in unsecured loans, and $1.5 million in state taxes), owing money to a few hundred creditors—mostly landlords for rent-related debts. In total, the company is claiming between $50 million and $100 million in liabilities and between $10 million and $50 million in assets.
Bertucci’s first filed for bankruptcy in April 2018, submitting a stalking horse deal to sell to an affiliate of Chicago-based investment firm Right Lane Capital LLC. In June 2018, the company agreed to be acquired by Earl Enterprises, the Orlando, Fla.-based company that owns Planet Hollywood and Earl of Sandwich, offering to pay more than $3 million in cash, assume $4 million in Northborough, Mass.-based Bertucci’s debt and issue $13 million in second-lien debt as part of the bankruptcy court transaction.
Since then, the formerly-58-unit chain has dwindled down to 31 locations, at least one of which closed as recently as this week, according to a GoFundMe set up by employees of the restaurant in Salem, New Hampshire.
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