Buca di Beppo, the fan-favorite Italian-American restaurant chain that has been a subsidiary of Planet Hollywood since 2008, officially filed for Chapter 11 bankruptcy on Monday in a Texas court. At its height, the Orlando-born restaurant chain had 95 establishments under its belt, however, 13 of them were just nixed from the lineup last week along with a handful of other recent closures.
The closures included restaurants in California, Utah, Michigan, Pennsylvania and New York, leaving the beloved restaurant chain with 44 remaining locations. However a new wave is on the horizon. According to officials, the bankruptcy process will allow the chain to improve its “operations and dining experience.”
“This is a strategic step towards a strong future for Buca di Beppo. While the restaurant industry has faced significant challenges, this move is the best next step for our brand,” brand President Rich Saultz explained. “By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future.”
The remaining restaurants in the chain are expected to operate as usual while the full declaration of Buca di Beppo’s reported assets and liabilities are filed. As of now, the company has reported between $10 million and $50 million.
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What started in Minneapolis as a traditional “red sauce joint” in 1993, quickly turned into a much bigger operation over the years. Buca di Beppo is known for its simple family vibes and Italian-themed fare, but quickly grew after going public in 1999 albeit experiencing a slight SEC investigation hiccup in 2005. The CEO, CFO and controller would all go on to plead guilty to fraud, stealing hundreds of thousands of dollars from the company over a handful of years.
Now owned by Earl Enterprises after being acquired by Robert Earl’s Planet Hollywood International in 2008 for $28.5 million, Buca di Beppo has been treading water to find a proper foothold on its future. As the chain closes locations, fans of the Italian-American restaurant experience will have to stay hopeful in the future of their beloved eatery. Despite filing bankruptcy and closing multiple locations, the one planned opening does show a little bit of promise.
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