ORLANDO (WJET/WFXP) — Just days after several Buca Di Beppo locations abruptly closed, the company filed for Chapter 11 Bankruptcy.
According to the court documents filed just before midnight on August 4, 2024, the Orlando-based company currently holds $0 to $50,000 in assets and owes at least $15 million – $50 million to at least 30 creditors.
The bankruptcy filing comes only days after the company abruptly closed 13 underperforming stores.
Buca di Beppo has approximately 44 locations across 14 states and 2 international locations. According to the filing, the company has been hit hard by a significant drop in sales alongside rising food and labor costs, continued staffing challenges, and changes in customer preferences.
At this time, there is no indication in the court documents that any other locations, besides the locations that closed last week, will be closing as a result of this filing.
The locations that have closed and the company is seeking to reject the leases include:
7111 West Ray Road, Chandler, Arizona
3612 Tudor Boulevard, Austin, Texas
38888 Six Mile Road, Livonia, Michigan
615 Flatiron MarketPlace Drive, Broomfield, Colorado
202 West 300 South, Salt Lake City, Utah
935 East Fort Union Boulevard, Midvale, Utah
10915 Carolina Place Parkway, Pineville, North Carolina
6045 East 86th Street, Indianapolis, Indiana
15350 South 94th Avenue, Orland Park, Illinois
2745 Paper Mill Road, Wyomissing, Pennsylvania
44 Wolf Road, Colonie, New York
2335 Mansell Road, Alpharetta, Georgia
Buca di Beppo joins several restaurants that have abruptly closed locations across the nation. Many restaurants have been seeing financial struggles as inflation continues to increase, and a major staffing shortage affects the restaurant industry, Many companies have also met difficulty in rebounding after the COVID-19 pandemic and its subsequent effects which include a severe decrease in customer demand.
The first-day hearing is set to take place on Wednesday, August 7, 2024, at 10:30 a.m. Central Time.