WARRINGTON, PA — Italian restaurant chain Bertucci’s filed for Chapter 11 bankruptcy Monday, leading to several closures nationwide, including the Warrington location.
The bankruptcy comes as the company’s owner plans to sell its operation.
“Today’s filing is expected to be seamless for Bertucci’s guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company’s financial structure and position it for significant future growth,” said Brian Wright, CEO in a statement.
The chain has 59 locations. Seven locations – Concordville, Huntingdon Valley, Langhorne, Plymouth Meeting, Springfield Square, Bensalem, and Wayne – remain open. Montgomeryville and Warrington are among several closures.
The Warrington Bertucci’s was located on 855 Easton Road.
Bertucci’s plans to get rid of 29 leases, according to USA Today. It isn’t clear if the leases are for locations that are still open or for previously closed spots. The company noted in its bankruptcy filing that consumers are choosing to take their money to cheaper faster dining alternatives.
The sale is expected to be valued at around $20 million, according to the Wall Street Journal. It will undergo a court supervised auction, but investment firm Right Lane Capital LLC agreed to the purchase as a stalking horse bidder.
Bertucci’s sales have been falling since 2011. Part of the reason is that consumers are looking for options that are perceived as healthier, according to the Wall Street Journal.
There are 4,200 workers in the company.
Patch file photo
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