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Bertucci’s Brick Oven back in bankruptcy, citing Covid, inflation
By Sarah Lizee
Olympia, Wash., Dec. 6 – Bertucci’s Restaurants, LLC, which does business as Bertucci’s Brick Oven Pizza & Pasta, filed Chapter 11 bankruptcy Monday in the U.S. Bankruptcy Court for the Middle District of Florida.
The prior Bertucci’s Brick Oven Pizza & Pasta went into bankruptcy in April of 2018 in the U.S. Bankruptcy Court for the District of Delaware. The current debtor entity was created in May of 2018 when it acquired about 56 restaurants in a transaction that closed on June 11, 2018.
After the acquisition, Bertucci’s reported annual sales of more than $120 million for 2019 with nearly 2,000 employees.
But due to Covid and the impact of inflation, sales declined and expenses increased,, the company said in court documents.
Although sales at fiscal year 2021 were $97.9 million, the company had an operating loss of $14 million and a net loss of $7.2 million.
As of Monday, the company owed about $21 million on two credit facilities from PHL Holdings, LLC. The loans are secured by a blanket lien on the debtor’s assets.
The company said it needs to use about $6 million of cash collateral to continue to operate for the next four weeks, and possibly continuing after that.
As adequate protection for the use of cash collateral, the debtor is proposing to grant the lender a replacement lien.
In its petition, the company listed $10 million to $50 million in assets and $50 million to $100 million in liabilities.
Its largest unsecured creditors are PB Restaurants, LLC, based in Orlando, Fla., with a $14.86 million unsecured loan claim, TriMark United East, based in Boston, with a $1.23 million trade debt/supplies claim, and Sysco Corp., based in Houston, with a $1.18 million trade debt/food vendor claim.
Bertucci’s is an Orlando, Fla.-based operator of 47 Italian-themed restaurants. The Chapter 11 case number is 22-04313.
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