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Bertucci's Closes Six Restaurants in Massachusetts, Declares Bankruptcy

Bertucci's Closes Six Restaurants in Massachusetts, Declares Bankruptcy

Massachusetts-based Bertucci's Italian restaurant has filed for Chapter 11 bankruptcy and closed three of its CT eateries under a new owner, according to company officials.

Bertucci's and nine affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of DE, lead case 18-10894 (Bertucci's Holdings). Bertucci's website has since been updated to reflect the closures, listing the 59 locations that remain open.

Right Lane Capital agreed to acquire Bertucci's, though other potential buyers can now make bids.

The transaction is meant to maximize value for all stakeholders through a fair, open Bankruptcy Court-approved sale process in which Bertucci's will consider all bids for a sale or restructuring of the company.

More news: Alibaba Group (BABA) Lowered to "Hold" at Zacks Investment Research

"With the rise in popularity of quick-casual restaurants and oversaturation of the restaurant industry as a whole, Bertucci's - and the casual family dining sector in general - has been affected by a prolonged negative operating trend in an ever increasing competitive price environment", Bertucci's said in a filing.

"Consumers have more options than ever for spending discretionary income, and their preferences continue to shift toward cheaper, faster alternatives".

Bertucci's CEO Brian Wright said the ownership shuffle will result in "minimal disruption" for the company and "strengthen" its financial position. "We are grateful for the service and loyalty of all our team members, and we are also appreciative of our guests".

Bertucci's has locations in 11 states throughout the East Coast, including in the Philadelphia suburbs in Pennsylvania and New Jersey.


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