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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.
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.
Parent of pizza buffet chain to be purchased by real estate firm D & G Investors
Cici’s Holdings Inc., which operates and franchises the Cici’s Pizza buffet chain, and affiliated companies have filed for Chapter 11 bankruptcy protection which involves the company’s sale to real estate company D & G Investors LLC.
In Jan. 25 filings in the United States Bankruptcy Court for the Northern District of Texas, Cici’s said the company owned 12 Cicis Pizza locations and franchised approximately 306 others to 128 franchisees.
It said the chain’s wide variety of pizza, pasta and salad bar offerings made it a popular venue for large family and other gatherings.