Massachusetts-based Bertucci's italian restaurant has filed for Chapter 11 bankruptcy and expects to close 11 of its 70 eateries under a new owner, according to company officials.
The local restaurant posted a message on its Facebook page Monday thanking team members and guests for their support through the years.
MassLive.com reports Bertucci's is closing locations in Taunton, Randolph, Wayland, Amherst, Longmeadow and West Springfield.
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"From consumers' perspectives", Riehle said, "there's nothing more convenient than having the restaurant come to them". It owes about $110 million to lenders, and about $9 million to suppliers, landlords and other unsecured creditors, the company said in the court papers filed in Wilmington, Delaware.
A Bertucci's spokesman didn't immediately return a phone call and an email from NJ Advance Media asking bout the fate of the chain's five restaurants in New Jersey.
Each year, more than 10,000 new restaurants open in the USA, said Hudson Riehle, senior vice president of research at the National Restaurant Association.
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The chain intends to sell its assets, it said in a release Monday.
Bertucci's said it had reached a tentative deal to sell its assets to Chicago-based Right Lane Dough Acquisitions LLC for almost $20 million.
The deal is valued at roughly $20 million, the Wall Street Journal reported.
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Bertucci's notes, "The transaction is meant 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".