In a famous Italian restaurant and the opponent of the Olive Park, there is only a handful of the remaining sites after it is presented for bankruptcy for the third time since 2018.
BERTUCCI's financial pressure led to the presentation of Chapter 11 in late April, when Foodies witnessed that the series is conducting a series of closure to mitigate losses.
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Bertucci was founded in 1981, an Italian chain known as brick oven pizza and pasta.
A competitor to Olive Garden and Maggiano, struggled with the series to stay standing on his feet in the competitive restaurants industry.
Before submitting the last bankruptcy on April 24, Bertucci closed seven weak -performance sites to reduce losses, including five in Massachusetts, one in Rod Islandand And one in Maryland.
The company hopes to provide the bankruptcy process with “breathing talisman” so that it can determine the best path forward and formulate a comprehensive reorganization plan, “which participated in the deposit.
Berotucci attributed her third bankruptcy to a large number of factors.
“With the accumulated losses, inflationary pressures are still high, and a opposite spirit in this field, the final straw has fallen [Bertucci’s] The company said this year with the high food costs, slow spending of consumers, and an unconfirmed global economy (and outside) of the decline. “
Bertuchi's struggles have crowned over the years with three bankruptcy files and a series of closure, leaving the series with only 15 sites:
Massachusetts
- Boston
- Chelseford
- Hill chestnut
- Fermangham
- Hingham
- Midford
- Newton
- reading
- And the delusion
- Westpuro
Maryland
Contecticut
Dilayer
Pennsylvania
Virginia
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Bertuchi was established more than four decades ago by Italian immigrant Joseph Kurgnali.
How does bankruptcy work?
Banking is a specific legal process that helps companies cancel debts that they cannot pay.
The process allows companies to start new and reach new credit.
The bankruptcy, which is supervised by federal courts, allows the company to sell its assets more easily to pay creditors, according to Investopedia.
Chapter 11, which is a common process for companies, is used to restructure a company with the aim of survival – even if it means selling most of the company's real estate.
Chapter 7, on the other hand, sells all the assets of the company and removes it from work.
Chapter 15, instead, is allowed to cooperate between American and foreign courts to conduct bankruptcy procedures with “parties to an interest that includes more than one country,” according to the United States courts.
By 1989, the restaurant chain was classified as one of the 10 best pizza sites in America by the United States of America.
The Massachusetts -based businesses, which are taken from Massachusetts, have rapidly growed popularly among food lovers, and expanded to nearly 100 sites by the end of the 2000s, centered along the eastern coast.
However, Bertucci has seen a sharp decrease in its success over the years with the installation of pressure.
Because of the increase in competition from fast fast chains, the saturated restaurant market, and the weakening of the demand for consumers, Bartucci announced Banking and closing 15 restaurants in April 2018.
Then in December 2022, the Italian series submitted a request for bankruptcy of Chapter 11 for the second time, which led to a decrease in the number of restaurants to only 23 sites.
Bertucci was martyred by the problems caused by the Covid-19s, including the country's closure and high inflation.
Although the third bankruptcy of the series is deposited last month, the hopes of Bertucci in successfully reorganized her work for a sustainable and successful future.
The bankruptcy file does not always mean that the work is convicted.
For example, a famous brand of the restaurant launched on the border after offering its bankruptcy, and plans to independence of a huge list.
In addition, another likable restaurant chain achieved a victorious return after it was submitted to bankruptcy more than two decades ago.
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