Buca di Beppo restaurant closes in Alpharetta, chain files for Chapter 11 bankruptcy
A genreal view of atmosphere at the Buca di Beppo restaurant on December 6, 2012 in Las Vegas, Nevada. (Photo by Bryan Steffy/WireImage)
ALPHARETTA, Ga. - Italian restaurant chain Buca di Beppo filed for Chapter 11 bankruptcy protection on Monday, resulting in the closure of multiple locations.
It appears that the only Buca di Beppo location in the metro Atlanta area, located on Mansell Road in Alpharetta, has already closed. According to Tomorrow's News Today, sources in the area reported that the restaurant closed in recent days.
The company cited rising food and labor costs, as well as staffing challenges, as reasons for the bankruptcy filing. 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 U.S. Bankruptcy Court in Dallas.
The company plans to restructure 44 "core" locations and has a new restaurant location in the pipeline. It previously closed 12 locations, Reuters reported.
Buca di Beppo will continue serving its family-style Italian meals at its existing restaurants "as usual" during the Chapter 11 process, the company stated. It also said it will honor all gift cards, reservations, and promotional services.
The chain asked the U.S. Bankruptcy Court for the Northern District of Texas to administer its bankruptcy case jointly with several affiliated entities.
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Buca di Beppo’s bankruptcy filing is the latest in the restaurant industry this year. In recent months, Tijuana Flats, Red Lobster, and Rubio’s Coastal Grill have also entered Chapter 11 bankruptcy proceedings, each shuttering a number of locations beforehand.
Buca di Beppo opened its first restaurant in 1993 in Minneapolis, Minnesota.