Buca di Beppo files for bankruptcy; Austin location among several abruptly closing
Just days after several Buca Di Beppo locations -- including one in Austin -- abruptly closed, the company filed for Chapter 11 Bankruptcy.
ORLANDO (WJET/WFXP) — Just days after several Buca Di Beppo locations -- including one in Austin -- abruptly closed, the company filed for Chapter 11 Bankruptcy.
According to the court documents filed just before midnight on August 4, 2024, the Orlando-based company currently holds $0 to $50,000 in assets and owes at least $15 million - $50 million to at least 30 creditors.
The bankruptcy filing comes only days after the company abruptly closed 13 underperforming stores.
Buca di Beppo has approximately 44 locations across 14 states and 2 international locations. According to the filing, the company has been hit hard by a significant drop in sales alongside rising food and labor costs, continued staffing challenges, and changes in customer preferences.
At this time, there is no indication in the court documents that any other locations, besides the locations that closed last week, will be closing as a result of this filing.
The locations that have closed and the company is seeking to reject the leases include:
- 7111 West Ray Road, Chandler, Arizona
- 3612 Tudor Boulevard, Austin, Texas
- 38888 Six Mile Road, Livonia, Michigan
- 615 Flatiron MarketPlace Drive, Broomfield, Colorado
- 202 West 300 South, Salt Lake City, Utah
- 935 East Fort Union Boulevard, Midvale, Utah
- 10915 Carolina Place Parkway, Pineville, North Carolina
- 6045 East 86th Street, Indianapolis, Indiana
- 15350 South 94th Avenue, Orland Park, Illinois
- 2745 Paper Mill Road, Wyomissing, Pennsylvania
- 44 Wolf Road, Colonie, New York
- 2335 Mansell Road, Alpharetta, Georgia
Buca di Beppo joins several restaurants that have abruptly closed locations across the nation. Many restaurants have been seeing financial struggles as inflation continues to increase, and a major staffing shortage affects the restaurant industry, Many companies have also met difficulty in rebounding after the COVID-19 pandemic and its subsequent effects which include a severe decrease in customer demand.
The first-day hearing is set to take place on Wednesday, August 7, 2024, at 10:30 a.m. Central Time.