A popular Italian eatery with locations throughout the tristate area is shuttering the doors of several restaurants after voluntarily filing for bankruptcy this week.
Bertucci’s, which is known for “its authentic Italian foods and signature brick oven pizzas” announced the bankruptcy in United States Bankruptcy Court for the District of Delaware with Right Lane Dough Acquisitions serving as the Stalking Horse Bidder.
As the Stalking Horse Bidder, they have agreed to purchase all of Bertucci’s assets, and assumed certain liabilities.
According to officials, “the transaction is intended to maximize value for all stakeholders through a fair, open Bankruptcy Court-approved sale process in which Bertucci’s will consider all bids for a sale or restructuring of the company.
“As part of the bankruptcy filing, Bertucci’s has sought Bankruptcy Court approval for the consensual use of cash collateral and $4 million in debtor-in-possession financing which will allow the company to meet its post-filing obligations in the ordinary course of business for customers, employees, trading partners, suppliers, vendors, and other creditors.”
In a statement, Bertucci’s CEO Brian Wright said that the 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.”
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