The Italian eatery Buca di Beppo has declared bankruptcy on Monday, citing a downturn in patronage over time. Seeking relief under Chapter 11 in the Northern District of Texas , the chain is looking to revamp its business model and elevate the customer experience through this restructuring process . According to CBS News, the restaurant saw a slump in demand during the pandemic from which it hasn't bounced back.
For the first five months of 2024, Buca di Beppo's revenue dipped by 10 percent compared to the previous year, totaling $74.8 million. Burger chain considers bankruptcy - just a year after closing 14 restaurants American states ranked for filthiest restaurants – mapped The company is also grappling with debts amounting to roughly $10 million, including about $1.
36 million tied up in unredeemed gift cards. President Rich Saultz expressed optimism despite the challenges, stating: "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.
By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future." He added: "Buca di Beppo has been a beloved gathering place for celebrations and memorable meals for many years, and we are enthusiastic about entering this next phase of our brand's story." Amidst the financial restructuring, 44 Buca di Beppo locations will undergo restructuring, and there are plans to inaugurate a new location soon.
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We anticipate moving through this process as quickly and efficiently as possible to emerge as a stronger organization built for the future." The company did shutter 18 underperforming stores this year, with a dozen closing just in the previous month. The specific locations were: 7111 West Ray Road in Chandler, Arizona 1249 Howe Ave.
in Sacramento, California 615 Flatiron Marketplace Drive in Broomfield, Colorado 1351 South Orlando Avenue in Maitland, Florida 1030 Auahi Street in Honolulu, Hawaii 6045 East 86th Street in Indianapolis, Indiana 112 Kentlands Blvd in Gaithersburg, Maryland 38888 Six Mile Road in Livonia, Michigan 12575 Hall Road in Utica, Michigan 44 Wolf Road in Atlantic City, New Jersey 1900 Pacific Avenue in Colonie, New York 10915 Carolina Place Parkway in Pineville, North Carolina 60 East Wilson Bridge in Worthington, Ohio 3 East Station Square Drive in Pittsburgh, Pennsylvania 6600 Robinson Centre Drive in Pittsburgh, Pennsylvania 2745 Paper Mill Road in Wyomissing, Pennsylvania 202 West 200 South in Salt Lake City, Utah 935 East Fort Union Blvd in Midvale, Utah.
