After decades of operation, Cici’s Pizza has announced that it’s filing for bankruptcy. The pizza buffet chain once had over 300 locations across the United States, including a few in Wisconsin. Unfortunately, these stores haven’t been bringing in the income that the pizza chain needs to survive. Cici’s Pizza locations have been closing across the country with hundreds of stores ceasing operations within the past decade.
Efforts to restructure the company were unsuccessful
In recent years, Cici’s Pizza had attempted to restructure the company to stave off bankruptcy. After accumulating over $82 million in debt, Cici’s Pizza finally announced that it is filing for bankruptcy in 2021.
At this point, the future of the franchise is unknown. Cici’s Pizza is now owned by D&G Investors, a company that took ownership of its debt in December 2020. A business bankruptcy attorney might help them navigate the process from here when it comes to liquidating or otherwise restructuring business assets to pay off debts.
Are you thinking about filing for bankruptcy?
If you don’t think that your business can stay afloat for another year, filing for bankruptcy may give you the chance to cut your losses and walk away with a clean slate. However, filing for bankruptcy as a business can be more complicated than filing for bankruptcy as an individual, so you’ll want professional assistance each step of the way.
An attorney may help you file for Chapter 11 and sell your business assets to pay off your debts. Even if you’re not ready to file yet, consider talking to an attorney about your options so that you know where to start.