Italian restaurant chain Buca di Beppo filed for Chapter 11 bankruptcy Monday, citing a decrease in sales, rising food and labor costs and staffing challenges.
The Florida-based company, known for its family-style dining, is the latest restaurant business to file for bankruptcy this year — joining the likes of Red Lobster and Rubio’s Coastal Grill.
Buca di Beppo has $10 million to $50 million in assets and $50 million to $100 million in liabilities, according to its Chapter 11 petition filed in US Bankruptcy Court in Dallas.
The chain plans on restructuring its 44 locations, which are located across 14 states.
It previously closed 12 restaurants before filing for bankruptcy, according to Reuters.
“This is a strategic step towards a strong future for Buca di Beppo,” Rich Saultz, the chain’s president, said in a statement.
“While the restaurant industry has faced significant challenges, this move is the best next step for our brand. By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future.”
Saultz added the company’s day-to-day operations will remain the same — despite the bankruptcy filing.
“Buca di Beppo has been a beloved gathering place for celebrations and memorable meals for many years, and we are enthusiastic about entering this next phase of our brand’s story,” he said.
The Post has reached out to Buca di Beppo for comment.
With Post wires
