Poinbank Exchange|Buca di Beppo files for Chapter 11 bankruptcy after closing several locations

On the heels of closing scores of locations in recent weeks,Poinbank Exchange Buca Di Beppo has filed for Chapter 11 bankruptcy, court documents filed Monday show.

The company blamed its financial woes on things including rising costs and hiring difficulty, according to information from the restaurant and court papers filed in U.S. Bankruptcy Court for the Northern District of Texas.

In its 21-page petition obtained by USA TODAY, the Orlando-based casual restaurant chain named 30 creditors it owes close to $50 million.

The chain of Italian-American restaurants has been slowly shuttering its doors since COVID hit in 2020 and last month closed nearly 20% of its locations, according to Restaurant Business Magazine.

On July 30, the magazine reported Buca's parent company Earl Enterprises said several of its locations "had been unable to recover from the pandemic and other market pressures."

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In a statement released by the eatery Monday, leaders wrote Buca is restructuring 44 core locations and is in the process of opening one new location.

"The company is committed to ensuring that the restaurants operate as usual, and all gift cards, reservations, and promotional services currently remain active and redeemable," the statement reads.

"While the restaurant industry has faced significant challenges, this move is the best next step for our brand," said the company's President Rich Saultz. "By restructuring with the continued support of our lenders, we are paving the way toward a reinvigorated future. Buca di Beppo has been a beloved gathering place for celebrations and memorable meals for many years, and we are enthusiastic about entering this next phase of our brand's story."

What Buca di Beppo stores closed most recently?

Known for their family-style serving portions of Italian food, the company most recently shuttered other locations in Arizona, California, Pennsylvania, Utah and Michigan.

Founded in 1993 in a Minneapolis apartment basement, Planet Hollywood International purchased the casual chain in 2008.

How many Buca di Beppos remain open?

According to the company, 44 locations in 14 states will remain open.

The Buca di Beppo website appears to list active restaurants on it's location finder. 

"We believe this path will best allow us to continue to serve Buca's patrons and communities for many years to come," William Snyder, Chief Restructuring Officer of Buca C, LLC, released in a statement Monday after signing the bankruptcy petition.

"We are open for business in 44 locations, and we expect day-to-day operations to continue uninterrupted.," Snyder said. "We anticipate moving through this process as quickly and efficiently as possible to emerge as a stronger organization built for the future."

The petition named the company's attorney, Amber Carson who could not immediately be reached.

USA TODAY has reached out to Buca for more information.

Contributing: Maria Frances and Bahar Anooshahr

Natalie Neysa Alund is a senior reporter for USA TODAY. Reach her at [email protected] and follow her on X @nataliealund.