Italian restaurant chain Buca di Beppo filed for Chapter 11 bankruptcy protection on Monday, citing declining sales, rising food and labor costs and staffing shortages.
The Florida-based company, known for its family-style meals, is the latest restaurant company to file for bankruptcy this year, joining Red Lobster and Rubio’s Coastal Grill, among others.
According to a Chapter 11 filing in U.S. Bankruptcy Court in Dallas, Buca di Beppo has assets between $10 million and $50 million and liabilities between $50 million and $100 million.
The chain plans to restructure 44 stores across 14 states.
The company closed 12 stores before filing for bankruptcy. According to Reuters.
“This is a strategic step toward a brighter future for Buca di Beppo,” the chain’s president, Rich Saultz, said in a statement. “The restaurant industry faces significant challenges, but this move is the best next step for our brand. As we restructure with the continued support of our lenders, we are paving the way for a vibrant future.”
Saltz added that despite the bankruptcy filing, the company’s day-to-day operations will remain the same.
“For many years, Buca di Beppo has been a beloved gathering place for celebrations and memorable meals, and we are passionate about the next phase of the brand’s story,” he said.
The Post has contacted Buca di Beppo for comment.
With post wire
