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Bertucci's Files for Ch. 11 Restructuring, Investment Firm Bidding to Buy, Recapitalize Chain

16 Locations Closed in Advance of Planned Sale
April 16, 2018
Bertucci's, the Boston area-based Italian food casual restaurant chain, today filed for Chapter 11 bankruptcy, requesting the sale of substantially all of its assets, including all 59 of its restaurants remaining in operation, to Right Lane Dough Acquisitions LLC, a bidding entity affiliated with Chicago-based private investment firm Right Lane Capital LLC.

Sixteen of the chain's restaurants have served up their last brick oven pizzas as part of the restructuring process.

Right Lane has offered to buy the chain for $1.7 million cash, and provide up to $4 million of debtor in possession financing and $14 million in new debt financing.

The so-called stalking horse bid is subject to higher or otherwise better offers. Bertucci's operates in 11 East Coast states from New Hampshire to Virginia.

Prior to the filling, Bertucci's retained Hilco Real Estate to analyze its real estate leases and the performance of its restaurants. As a result of that analysis, Bertucci's decided to abandon 14 restaurants and is asking the court to cancel the leases on those locations:

Annapolis, MD, 2207 Forrest Drive

Ashburn, VA, 4402 Pipeline Plaza

Faneuil Hall, MA, 22 Merchants Row, Boston

Fox River Commons, IL, 844 South Route 59, Naperville, IL

Gainesville, VA, 8114 Stonewall Shops

Jersey City, NJ, 560 Washington Blvd.

Kenmore Square, MA, 533 Commonwealth Ave.

North Brunswick, NJ 2313 Route 1 South

Sandy Springs, GA, 1155 Mt. Vernon Hwy

Short Pump, VA, The Shoppes at Westgate
11721 Broad St., Richmond, VA

Waterbury, CT, 495 Union St.

Wellesley, MA, 380 Washington St.

West Hartford, CT, 330 N. Main St.

Westbury, NY, 795 Merrick Ave.

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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