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Jan. 27, 2021
Irving, Texas-based CiCi s Holdings Inc, parent company of the pizza buffet chain, filed for bankruptcy this week in its home-base state. The company, which franchises 307 stores nationally and operates 11 more, will continue operations while creating a plan to repay its debts, according to Bloomberg. The franchisees of those 307 stores are not involved in the filing.
In its petition to U.S. Bankruptcy Court, CiCi s relayed assets of up to $50 million, but $100 million in liabilities.
In-store dining has made up more than 85% of the chain s sales, according to court documents. The pandemic has greatly reduced the ability for the chain to serve in-store guests.