Buca di Beppo files for bankruptcy and plans restructurings

The Italian restaurant chain Buca di Beppo has filed for Chapter 11 bankruptcy. The company plans to restructure leases at over 40 locations but has ceased operations at a dozen other sites, including the only one in the Carolinas near the Carolina Place Mall. Based in Orlando (Florida), the company filed the petition in Dallas (Texas). According to the company, the reasons for the filing include a significant decline in revenue, rising food and labor costs, staffing issues, and changes in consumer behavior. Court documents indicate assets of approximately 10 to 50 million dollars and liabilities of about 50 to 100 million dollars, as reported by the Orlando Business Journal, Reuters, and other sources. The largest creditor of the chain is the Houston-based food wholesaler Sysco Corp., with claims amounting to 6.85 million dollars.