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CiCis Holdings Inc. on Monday filed for Chapter 11 bankruptcy protection after in-person dining plummeted and food-delivery services soared in response to novel coronavirus pandemic restrictions.
The privately-owned parent company of the buffet chain CiCis also announced its sale to its primary lender, D&G Investors, CNBC reported.
According to court filings, the proposed reorganization deal, which requires court approval, is expected to be completed by March and address the companys nearly $82 million debt load, The Wall Street Journal reported.
CiCis and its franchisees operate 318 locations across 26 states in the United States, or fewer than half of the more than 650 restaurants the chain operated in 2010, CNBC reported.
Prior to the COVID-19 pandemic, in-person dining accounted for roughly 86% of CiCis sales, with the companys 2019 revenue reaching $177.3 million but decreasing more than 56% to $76.3 million in 2020, the Journal reported.
Editors Note: A headline on a previous version of this story implied that the restaurant would go out of business. They will not.
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