Cici’s Holdings files for Chapter 11

CiCi’s Holdings Inc., parent company of the unlimited pizza buffet chain, filed for bankruptcy after the pandemic curbed in-person dining.

CiCi’s runs 11 pizza buffets in the U.S. and franchises the concept to 307 more. The franchisees aren’t a part of the bankruptcy filing. CiCi’s listed assets of as much as $50 million and liabilities of up to $100 million in its bankruptcy petition.

The Chapter 11 filing in Texas allows CiCi’s to continue operating while it seeks approval of a plan to repay creditors. The company intends to exit bankruptcy on March 3.

The company defaulted on a credit agreement last year after

COVID-19 regulations and the resulting economic fallout hurt sales. On-site dining has traditionally made up more than 85 percent of sales at CiCi’s restaurants.

The company was in the process of closing some corporateowned stores and transferring others to franchisees when the pandemic struck.

Founded in 1985 in Plano, Texas, CiCi’s location count grew to 650 in 2009, but has declined since then, court papers show.

Eli Baylis / Associated Press file photo Belk has more than 20,000 employees at its nearly 300 stores in 16 Southeastern states.