Deals
Pizza Chain Bertucci’s Files for Bankruptcy
- Restaurant owes $119 million, buyer is offering $19.7 million
- The move comes as sit-down restaurant chains struggle
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Bertucci’s Inc., the chain of Italian eateries rooted in the Boston area, will be auctioned off after filing for bankruptcy protection amid intense competition for diners who have less time for sit-down dining.
The closely held restaurant company, based in Northborough, Massachusetts, may close about half its locations and plans to hold an auction where the opening bid will be worth about $19.7 million, Chief Financial Officer Brian Connell said in court papers filed Sunday. An affiliate of Right Lane Capital has agreed to buy the chain should no higher offers come in, Eric Mara with Right said in an email on Monday.