Cicis Pizza has emerged from Chapter 11 bankruptcy after completing restructuring, the Irving, Texas-based pizza buffet company announced Monday. Former Cicis Pizza parent company, Cici’s Holdings Inc., had filed for bankruptcy in January after the company entered into an agreement to be sold to investment firm D&G Investors, a newly formed affiliate of SSCP Management and Gala Capital Partners. Shortly after, in February, Cicis announced reorganization plans.
Together, the new owners own and operate more than 200 restaurant locations. The sale included the addition of all 300 Cicis Pizza restaurants in 30 states, JMC Restaurant Distribution, and all of its assets and subsidiaries to their portfolio.
"We are looking forward to partnering with D&G Investors going forward and ensuring the brand is poised for an extremely bright future," Jeff Hetsel, president and COO of Cicis Pizza said in a statement. "For more than 35 years, Cicis has held a special place in the hearts, minds and appetites of many Americans and our focus is to ensure our guests keep that connection to our brand for many years to come."
The goal under new ownership is to scale the concept and refine unit-level economics through operational and supply chain efficiencies.
"We are geared towards nurturing the success of our franchisees on a local level," Anand Gala, founder and managing partner of Gala Capital Partners said in a statement. "At the same time, we see an enormous opportunity to use the proven business model Cicis has and expand on it to grow the franchise system into its potential."
Financial details of the acquisition were not made available to the public.
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