American casual restaurant chain Bertucci’s has filed voluntary petitions for Chapter 11 protection with the US Bankruptcy Court for the District of Delaware.
Right Lane Dough Acquisitions has served as the bidder for the petition. The company has also signed an asset purchase agreement with Right Lane, whereby the bidder has agreed to acquire all of Bertucci’s assets and assume certain liabilities.
As per the bankruptcy filing, Bertucci’s is seeking the court’s approval to leverage cash collateral and $4m in debtor-in-possession financing for smooth functioning of the business.
The transaction will be completed through a Bankruptcy Court-approved sale process, during which the restaurant chain will consider all bids for acquisition and restructuring of the company.
Following the sale process, the restaurant chain seeks to complete the restructuring to restart business under new ownership with an improved financial position.
Bertucci’s Brian CEO Wright said: “Today’s filing is expected to be seamless for Bertucci’s guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company’s financial structure and position it for significant future growth.
“We are grateful for the service and loyalty of our team members and are looking forward to focusing on a return to Bertucci’s roots: authentic, high quality, fresh ingredients that guests and team members alike crave and care about.”
Irrespective of the bankruptcy filing, all 59 locations of the restaurant chain will remain open for business. Brian Wright will continue as the CEO and Brian Connell as CFO of the company after the transaction.
Headquartered in Boston, Bertucci’s currently operates 11 locations in the US, offering exhibition kitchens and Italian foods including calzones and rolls, brick oven pizzas and handcrafted pasta.