Cici’s Declares Bankruptcy Amid Pandemic Posted on 3041
Cici’s, a pizza buffet chain, recently filed for Chapter 11 bankruptcy and revealed its sale to its primary lender, D&G Investors. Amid the ongoing coronavirus pandemic and dine-In restrictions, the company has faced a rapid decline in funds.
D&G Investors acquired the chain for USD82 Million worth of debt in December. There are currently 318 locations within 26 states, less than half the amount it had over a decade ago.
Despite pizza chains such as Papa John’s, Domino’s Pizza and Yum Brands’ Pizza Hut, experiencing an increase in sales throughout the pandemic, buffet-style restaurants didn’t have the same results. Buffets were facing hardships long before the health crisis, however emerging dining restrictions and customers’ concern for hygiene advanced its demise.