Bertucci’s has filed for bankruptcy after years of struggling to keep up with other pizza chains.
The brick oven pizza chain announced late Sunday that is has filed for Chapter 11 bankruptcy protection and is likely going to close a number of restaurants. The Northborough, Mass.-based company said in a court filing that it expects to immediately reject 29 leases.
No more details were provided regarding whether or not those locations were still open or had already closed. As of now, Bertucci’s says that it has 59 remaining operating locations and they are still open, but the company faces the real possibility of going out of business without a speedy bankruptcy sale.
The chain said it has already slashed more than $5 million in costs through job cuts, lease concessions and other moves since the start of 2017. “With the rise in popularity of quick-casual restaurants and oversaturation of the restaurant industry as a whole, Bertucci’s — and the casual family dining sector in general — has been affected by a prolonged negative operating trend in an ever increasing competitive price environment,” the company said in a filing.
“Consumers have more options than ever for spending discretionary income, and their preferences continue to shift towards cheaper, faster alternatives,” the company added. Bertucci’s is considering selling its assets to Right Lane Dough Acquisitions LLC, which hopes to continue the company’s business.