April 16 (UPI) -- Bertucci's Italian Restaurant filed for Chapter 11 bankruptcy on Monday, possibly signaling the closing of their restaurants.
In a statement, the restaurant chain said all 59 Bertucci's locations will remain open for business for the time being, with the company expecting new ownership to take over with an improved financial position and a stronger brand.
However, the company said it faces a serious risk of going out of business without a quick bankruptcy sale.
"With the rise in popularity of quick-casual restaurants and oversaturation of the restaurant industry as a whole, Bertucci's -- and the casual family dining sector in general -- has been affected by a prolonged negative operating trend in an ever increasing competitive price environment," the company said in a filing.
"Consumers have more options than ever for spending discretionary income, and their preferences continue to shift towards cheaper, faster alternatives."
The Italian food chain has already cut $5 million in costs through job cuts and other measures since the beginning of 2017.
"Today's filing is expected to be seamless for Bertucci's guests, trading partners and vendors, and result in minimal disruption to its operations, allowing us to strengthen the company's financial structure and position it for significant future growth," Brian Wright, CEO of Bertucci's, said.
"We are grateful for the service and loyalty of our team members and are looking forward to focusing on a return to Bertucci's roots: authentic, high quality, fresh ingredients that guests and team members alike crave and care about."
Bertucci's, headquartered in Boston, Massachusetts, has been open since 1981 and is known for its brick oven pizzas.