This beloved pizza chain has just come out of bankruptcy
There is still hope for a bottomless pizza.
Beloved pizza chainCicis filed for the bankruptcy of Chapter 11 in JanuaryBut society seems to be retention, which means that you can always enjoy its background pizza offers. Less than two months after the deposit, the buffet chain has emerged from the restructured bankruptcy and under the new property. According toVerdict FoodserviceCici will go to investors D & G, a subsidiary of two other financial groups specifically trained for investment in restaurants.
D & G investors were already the main lender of Cicis, according toCnnAnd the company will not only qualify CICIS businesses, but also to buy $ 82 million from the company. However, the Cicis imprint has declined considerably over the last decade and especially last year. Founded in 1985 in Plano, Texas, the chain at its peak boasted 650 locations allocated through dozens of states. Today, there are about 318 CICIS units in active activity.
RELATED:7 new fast food chicken sandwiches Everyone speaks
The financial decline of society was also steep in recent years. According toQSR magazine, The CICI earned $ 177.3 million in sales in 2019 only to see gains falling at $ 76.3 million in 2020, a decrease of more than $ 100 million. This precipitous deficit has been largely accelerated by the Covid-19 pandemic which has seen customers avoiding buffet style restaurants, a Cicis shot that depends on the in-store catering for a turnover reported to 99%.
Emerging from bankruptcy, Cici have for the moment avoided the fate ofmany restaurants especially especially Following the pandemic, including national channels likeSubplantation and independent globally asGotham Bar & Grill in New York.
For the latest trends in fast food, see6 most anticipated Fast Food menu points this year's launchAnd do not forget toSubscribe to our newsletterTo get the latest news from the restaurant delivered directly to your inbox.
