Orlando-based Buca di Beppo has declared Chapter 11 bankruptcy, as stated in a filing with the United States Bankruptcy Court for the Northern District of Texas. In a document filed on August 5, the chain's Buca C LLC acknowledged having assets in the range of $10 million to $50 million and liabilities between $50 million to $100 million, as reported by WFTV.
Following closely behind the shuttering of numerous locations, the Italian-American dining company cited escalating costs and recruiting difficulties as the reasons for their financial downturn, which has been reported in court papers. Documenting their struggle since the onset of the pandemic, Buca di Beppo has acted upon closing nearly 20% of its venues last month, confirmed having 30 creditors awaiting restitution of close to $50 million, descrying that certain sites have not recovered from pandemic effects and other market strains.
Yet, in the face of these challenges, the chain is endeavoring to maintain 44 principal locations active and is in the stages of inaugurating one additional site. "While the restaurant industry has faced significant challenges, this move is the best next step for our brand," Buca di Beppo's President Rich Saultz espoused in a public statement, underscoring the collective aspiration for a reenergized advancement, as reported by USA TODAY.
According to the company, stores remain open in 44 locations sprawled across 14 states, with an emphasis on the company's pledge to persist in service, as William Snyder, Buca C, LLC's Chief Restructuring Officer, articulated a commitment to an unhampered operational continuity. "We are open for business in 44 locations, and we expect day-to-day operations to continue uninterrupted.," Snyder said. "We anticipate moving through this process as quickly and efficiently as possible to emerge as a stronger organization built for the future," as cited by USA TODAY. The recent closures have seen the company withdrawing from diverse locations such as Arizona, California, Pennsylvania, Utah, and Michigan.
