59 locations remain open, including six in CT.
Bertucci's Inc., the chain of Italian eateries rooted in the Boston area, will be auctioned off after filing for bankruptcy protection amid intense competition for diners who have less time for sit-down dining.
The post noted that the Massachusetts-based company's "restructuring" would "significantly impact.restaurants, team members, colleagues and friends in the short term with the closing of 15 locations". "The bidder wants to purchase "substantially all" of Bertucci's remaining assets, subject to better offers", Bertucci's CEO Brian Wright said in a news release.
Bertucci's, which has 969 full-time and 3,245 part-time employees, has more than $110 million in debt, according to documents filed in U.S. Bankruptcy Court in Delaware.
The chain's Melville location, the only Long Island restaurant still listed on the company's official website, is open for business. The chain is owned by an affiliate of Levine Leichtman Capital Partners, court papers show.
The company announced the move Monday, but the affected restaurants were closed in the days and months leading up to the bankruptcy filing.
"Consumers have more options than ever for spending discretionary income, and their preferences continue to shift towards cheaper, faster alternatives". Twenty-three restaurants in MA will stay open, according to the Bertucci's website.
Landis Rath & Cobb LLP is serving as Bertucci's bankruptcy counsel, and Schulte Roth & Zabel LLP is the company's special corporate counsel.
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