CiCi’s pizza chain parent company files for bankruptcy, but plans a quick exit
The Irving-based company plans to hand ownership over to its lender.
Irving-based CiCi’s runs 11 pizza buffets in the U.S. and franchises the concept to 307 more. The franchisees aren’t a part of the bankruptcy filing.
CiCi’s Holdings Inc., parent company of the unlimited pizza buffet chain, filed for bankruptcy after the pandemic curbed in-person dining.
Irving-based CiCi’s runs 11 pizza buffets in the U.S. and franchises the concept to 307 more. The franchisees aren’t a part of the bankruptcy filing. CiCi’s listed assets of as much as $50 million and liabilities of up to $100 million in its bankruptcy petition.
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Buffet-style pizza chain CiCi’s Pizza has filed for Chapter 11 protection with a plan to reorganize under the control of lenders and exit bankruptcy within two months.
The Coppell, Texas-based company, represented by Gray Reed & McGraw, filed its case Monday in the U.S. Bankruptcy Court for the Northern District of Texas with $82 million in debt. CiCi’s Chief Financial Officer Richard Peabody said in court papers that the company’s revenues dropped substantially in 2020 due to restrictions on indoor dining caused by the COVID-19 pandemic.
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