Bertucci's, the popular Italian restaurant chain, on Monday filed for voluntary petitions for relief under Chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware.
Under the deal, the buyer would assume all assets and certain liabilities. Right Lane Dough Acquisitions, LLC has stepped up as the stalking horse bidder, a term used for a potential buyer that makes an offer prior to auction. Other buyers could still win the bid.
"Today's filing is expected to be seamless for Bertucci's guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company's financial structure and position it for significant future growth," said Brian Wright, CEO, on Monday.
The Bertucci's location in New Castle County on Christiana and Concord Pike remains open for now, but the restructuring could include closings.
Bertucci's maintains a total of 59 locations.