Operations

CiCi's Pizza parent files for bankruptcy

Photo: iStock

January 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.

The company said in its filing that it will transfer ownership to its lender, an organization under SSCP Management and Gala Capital Partners.

Cici's has $10 million in its revolving credit facility and $72 million in a loan.