September 21, 2018

September 21, 2018

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September 19, 2018

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Pizza Chain Bertucci’s Files for Chapter 11 Protection

This week, Massachusetts-based pizza chain Bertucci’s filed for Chapter 11 bankruptcy protection in the Delaware (seeking joint administration under case No. 18-10894). Bertucci’s operates 59 stores, 29 of which it plans to reject.

According to The Wall Street Journal, an affiliate of Chicago-based investment firm Right Lane Capital LLC has agreed to purchase the chain’s assets, but that bid will be tested at a bankruptcy-court supervised auction.

Hilco Real Estate was hired in January to review its leases and negotiate better terms. The debtors report that this effort saved $3.5 million. However, the restaurant’s sales continued to fall since 2011, and a forbearance agreement with lenders expired earlier this year.

The company is part of a wave of other casual eateries—including Joe’s Crab Shack, Romano’s Macaroni Grill, Così Inc. and Logan’s Roadhouse, which recently filed for Chapter 11 bankruptcy protection.

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About this Author

Thomas S. Onder, Stark Law, Retail Litigation Lawyer, Commercial Issues Attorney
Shareholder

Thomas S. Onder is a Shareholder and member of the Commercial, Retail and Industrial Real Estate, Litigation and Bankruptcy & Creditors’ Rights Groups of Stark & Stark. Mr. Onder is a member of the International Council of Shopping Centers (“ICSC”) and concentrates his practice in the area of commercial litigation, specializing in commercial landlord disputes and secured transactions before state and federal courts in New York and New Jersey, as well as the Federal Claims Court in Washington D.C. Mr. Onder also represents cooperative, condominium and homeowner...

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