Buca di Beppo, a popular family-style Italian dining brand, announced its decision to voluntarily file for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
The filing was made on Aug. 5 in the United States Bankruptcy Court for the Northern District of Texas.
As part of its restructuring efforts, Buca di Beppo is focusing on 44 core locations and is in the process of opening one new location, the company said.
The company assured its patrons that all restaurants would continue to operate as usual, according to the release. Additionally, gift cards, reservations, and promotional services will remain active and redeemable during this period.
“This is a strategic step towards a strong future for Buca di Beppo,” Richard Saultz, president of the company, said in the press release. “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.
William Snyder, chief restructuring officer of Buca C, LLC, expressed his confidence in the restructuring process.
“We believe this path will best allow us to continue to serve Buca’s patrons and communities for many years to come,” Snyder said in the press release. “We are open for business in 44 locations, and we expect day-to-day operations to continue uninterrupted. We anticipate moving through this process as quickly and efficiently as possible to emerge as a stronger organization built for the future.”
Buca di Beppo expressed gratitude for the continued support of its customers, employees, and vendors and said the company aims to emerge from the bankruptcy process more resilient and well-positioned for future growth.
The chain was founded in Minneapolis in 1993 and is now headquartered in Orlando, Florida. It is known for its quirky decor, large portions, and an upbeat atmosphere. The company’s name roughly translates as “Joe’s small place” in Italian, going back to its roots in a Minneapolis basement, the company said on its website.