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Cici's files for bankruptcy as pandemic accelerates decline of buffets


Cici’s files for bankruptcy as pandemic accelerates decline of buffets
TODAY
1/26/2021
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While the coronavirus pandemic has lifted sales for pizza chains like Papa John’s, Domino’s Pizza and Yum Brands’ Pizza Hut, buffet-style restaurants like Cici’s saw their sales plunge. All-you-can-eat buffets were already struggling before the crisis, but dining restrictions and consumers’ heightened concern over cleanliness accelerated their decline.
Cici’s and its franchisees operate 318 locations across 26 states in the U.S. In 2010, it had more than 650 restaurants.
In bankruptcy filings, Cici’s said that it had between $10 million to $50 million in assets and $50 million to $100 million in liabilities. Its top two creditors were Weingarten Realty Investors and Saputo Cheese. In December, D&G Investors purchased $82 million of Cici’s debt, according to the trade publication Restaurant Business. ....

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CiCi's pizza chain parent company files for bankruptcy, but plans a quick exit


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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