The management company behind Buca di Beppo has filed for Chapter 11 bankruptcy protection, as the company’s ownership goes into flux once again.
WTFV is reporting that the management company of the Italian-inspired restaurant, PB Restaurants LLC, filed for bankruptcy protection earlier this month. Scott Shuker of Shuker & Dorris PA, who represents the company and its parent group, is involved in this case because the lender previously took over Buca di Beppo.
Robert Earl owns the Orlando-based hospitality business Earl Enterprises, which includes PB Restaurants.
It’s unclear whether this latest filing will result in more location closures.
Buca di Beppo Previously Filed for Chapter 11 Bankruptcy in 2024
In August 2024, Buca di Beppo filed for Chapter 11 bankruptcy protection. Then-restaurant president Rich Saultz said in a statement to Reuters that the restaurant had 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.”
Saultz made the statement at the time while promising to keep its current locations open and restructuring internally.
That promise, however, went unfulfilled. According to CBS NewsBuca di Beppo ended up closing 18 stores across 14 states. At the time, the company blamed the COVID-19 pandemic for the closures. “The Debtors’ projections demonstrated that to mitigate the longstanding effects of the pandemic and address outsized lease/rent costs, store closures were necessary,” the company said in the filing.
Today, only 44 locations of the restaurant remain.
In November 2024, Restaurant Dive reported that the court accepted the purchase for $27 million with its stalking horse bidder, Main Street Capital Corporation, during a hearing. The company did not receive any qualified bids during its first bankruptcy proceedings.
Buca’s revenues fell by 5% in 2024 compared to 2023 and by 14% since 2021. From January to May 2024, net revenue was $74.8 million and restaurant-level EBITDA was $3.1 million, down 10% and 18%, respectively, from the previous year’s period.
Buca di Beppo also studied its operations and implemented several cost-cutting and revenue-saving measures, such as vendor consolidation, labor-hour optimization, menu expansion, and promotional activities. However, given the company’s weak finances, this was insufficient to sustain operations.
