The producers of some of the best pizza on the planet might be going out of business.
In a monday court filing, the Bertucci’s filed for chapter 11 bankruptcy, and immediately rejected 29 leases tied to locations of the chain.
In a statement, the company pointed to the direction of the marketplace as the primary reason for company’s struggles.
Bertucci’s is currently $119 million in debt according to USA Today.
From USA Today
“With the rise in popularity of quick-casual restaurants and oversaturation of the restaurant industry as a whole, Bertucci’s — and the casual family dining sector in general — has been affected by a prolonged negative operating trend in an ever increasing competitive price environment,” the company said in a filing.
Consumers have more options than ever for spending discretionary income, and their preferences continue to shift towards cheaper, faster alternatives.”
This will come as sad news to many, while not a large chain of pizza dispenserys, Bertucci’s is extremely popular, a name brand of the highest order.
Fans of the menu should not totally fret, the company has agreed to sell it’s assets to Right Lane Dough Acquisitions LLC, and the plan is to continue the cuisine under a different name.
It still remains a sad day for pizza lovers.