How many cici pizza are in the us

The company defaulted on a credit agreement last year after COVID regulations and the resulting economic fallout hurt sales. But the company has also suffered amid stiff competition in the restaurant industry, including the meteoric rise of delivery apps among millennials, Chief Financial Officer Richard Peabody said in a court declaration.

The company was in the process of closing some corporate-owned stores and transferring others to franchisees when the pandemic struck. The chain was acquired in by an affiliate of Arlon Group, the middle-market private equity unit of Continental Grain Co. Bloomberg Wire. Become a business insider. Get the latest headlines delivered to your inbox every weekday. Skip Navigation. Key Points. The coronavirus pandemic has accelerated the downfall of all-you-can-eat buffets.

VIDEO In and early , Cicis management team initiated a strategy to improve efficiency and flexibility. In , it closed three company-run stores and transferred 29 to franchisees. In , it began the process of refranchising its remaining stores, including the closure of seven restaurants and transfer of 10 to franchisees. The pizza brand also planned to close one of its three distribution centers to consolidate operations.

The instability caused Cicis to default under its credit agreement. For several months, the pizza chain negotiated with lenders on a path forward to address debt and defaults. After a stalemate over costs, the two sides reached an agreement that contemplates a day bankruptcy process.

By then, the footprint had declined to stores. At the beginning of , Cicis was down to units. As of bankruptcy, the total slid to , including franchises. Buffet concepts have suffered greatly during the pandemic.