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Italian restaurant chain Bertucci is closing more locations after filing for bankruptcy again to reduce losses.
The Massachusetts-based business, which is located along the East Coast, is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain's third bankruptcy since 2018.
Bertucci has closed seven of the less-performing locations, five in Massachusetts, one in Rhode Island and one in Maryland. It currently operates 15 restaurant locations in six states, according to court documents.
Files of restaurant chain Bertucci for bankruptcy protection
According to the bankruptcy filing on April 24, Italian restaurant chain Bertucci's filed for its third bankruptcy since 2018. (WFXT)
The company cited the “deteriorating” of the US economy and the “lack of consumer demand for legacy casual dining brands” as reasons for restaurant chains being at a loss, according to the filing.
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“The last straw of proverbs fell as losses accumulate, inflation pressures still high and industry headwinds stand out. [Bertucci’s] This year, the world has seen an increasing cost of food, slower consumer spending, and a declining (and declining) global economy,” the bankruptcy document states.
According to filing, Bertucci has assets and liabilities between $10 million and $50 million.
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Restaurant chains hope that bankruptcy will provide a “breathing spell” to their businesses, so they can “determine the best path and develop an overall reorganization plan.”
In April 2018, Bertucci filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid a challenge caused by the Covid-19 pandemic, such as restaurants and inflation closures, it declared its bankruptcy had been streamlined to 23 locations for a second time, according to the filing.
Bertucci filed for bankruptcy earlier in 2018 and 2022. (WFXT)
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Bertucci did not respond to a request for Fox Business's comment.
