Italian restaurant chain files for bankruptcy again, closes locations
Italian restaurant chain Bertucci's is closing more locations after filing for bankruptcy again to mitigate losses.
The Massachusetts-based business, which has locations along the East Coast and is best known for its brick oven pizza and pasta, filed for Chapter 11 bankruptcy protection in Florida last week. It marked the chain's third bankruptcy since 2018.
Bertucci's also closed seven of its underperforming locations – five in Massachusetts, one in Rhode Island and one in Maryland. It now operates 15 restaurant locations in six states, according to court documents.
Restaurant Chain Bertucci's Files For Bankruptcy Protection
The company cited the "deterioration" of the U.S. economy and "lack of consumer demand for legacy casual-dining brands" as reasons why the restaurant chain has been operating at a loss, according to the filing.
Fast-food Chain Closing Up To 200 'Underperforming' Locations
Read On The Fox Business App
"With losses accumulating, inflationary pressures still high, and industry headwinds gusting, the proverbial final straw fell on [Bertucci's] this year as the world saw food costs soar, consumer spending slow, and an uncertain global economy falling in (and out) of decline," as stated in the bankruptcy documents.
Bertucci's has assets and liabilities between $10 million and $50 million, according to the filing.
Tgi Fridays' Us Footprint Has Shrunk To 85 Restaurants Across The Country
The restaurant chain hopes bankruptcy will provide the business with a "breathing spell" so it can "determine the best path forward and formulate an overall reorganizational plan," it said in the filing.
In April 2018, Bertucci's filed for Chapter 11 bankruptcy protection and closed 15 restaurants. In December 2022, amid challenges caused by the COVID-19 pandemic like the closure of restaurants and inflation, it declared bankruptcy for a second time and streamlined operations down to 23 locations, according to the filing.
Bertucci's did not respond to FOX Business' request for comment.Original article source: Italian restaurant chain files for bankruptcy again, closes locations
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Upturn
14 minutes ago
- Business Upturn
Online Tax Firm MyExpatTaxes Alerts Expats: Final Chance to Claim 2021 Stimulus Payments
Vienna, June 10, 2025 (GLOBE NEWSWIRE) — MyExpatTaxes, a leading US expat tax company known for its support of U.S. citizens living overseas, is highlighting an important upcoming deadline for American expatriates. By June 16th, expats must act to claim the 2021 stimulus payments. This deadline represents the final opportunity for expats who haven't already to benefit from COVID-19 economic stimulus payments, which can total thousands of . MyExpatTaxes is urging individuals not to miss out on this opportunity. As the U.S. is one of just two countries that taxes based on citizenship rather than residence, Americans living abroad have to report their worldwide income by filing a U.S. tax return every year. Many Americans expats are unaware of this requirement to file from overseas though, so get behind in their filing. The IRS has an amnesty program for these expats though called the Offshire Streamlined Filing Compliance Procedures. This process offers a chance for overseas Americans who have unintentionally failed to meet their filing obligations to catch up on their U.S. tax filing without facing penalties. It requires submitting the last three years of tax returns and, where applicable, up to six years of Foreign Bank and Financial Accounts Reports (FBARs). The procedure can seem complex, but with MyExpatTaxes offering either self-service or guided assistance, expats can find a sense of relief with easy access to tools like a US expat tax calculator and a stimulus check calculator found on their website. Nathalie Goldstein, CEO of MyExpatTaxes, underscores the significance of acting before the June 16th deadline for non-compliance overseas Americans, saying, 'The June 16th 2025 deadline is the last opportunity for American expatriates who may not have been aware that they have to file U.S. taxes from abroad to claim teh COVID-19 stimulus payments. It's also a valuable opportunity to get tax compliant without facing penalties. Our goal is to provide them with the guidance they need to make the most of these benefits.' Her words reflect the broader mission of MyExpatTaxes – supporting American expats in navigating what can often be a daunting process filing from overseas (often as well as filing taxes in the country where they reside). The 2021 expanded Child Tax Credit is also available for American families living abroad. This credit offers a substantial benefit of up to $3,600 per child, refundable for qualifying families. Timely filing is critical to claim this credit, ensuring families don't inadvertently miss out. To aid in this, expats can access comprehensive guidance and information on the Streamlined Procedures through MyExpatTaxes' dedicated page: Adding to the firm's efforts, Goldstein remarks, 'The potential gains for catching up and filing for 2021 for expats who qualify for the stimulus payments are typically far outweigh the costs of becoming compliant. Our platform is designed to simplify the tax filing process for U.S. citizens abroad, offering practical solutions and expert support. With the deadline imminent to claim these valuable payments, we're dedicated to helping expatriates claim what they are rightfully owed.' This statement emphasizes MyExpatTaxes' commitment to easing the stress associated with U.S. tax filing for expats. To further assist expats, the company has developed easy-to-use resources such as tax guides, quick start checklists, and webinars available on their website. These resources provide education and support, aimed at simplifying and demystifying the intricacies of international tax reporting for Americans living abroad. User testimonials and official reviews highlight the effectiveness and reliability of MyExpatTaxes' services, reinforcing their reputation as a helpful aid for expats. As the June 16th deadline approaches, expats need to be vigilant. Missing this date means losing out on the chance to claim the stimulus payments for good. Through proactive action and using MyExpatTaxes' offerings, expatriates can not only ensure compliance but also capitalize on available benefits. MyExpatTaxes remains committed to guiding expatriates through these important periods, helping them understand and fulfill their tax responsibilities while maximizing their eligible claims. For those seeking to learn more or benefit from these services, they can learn more through the platform's site: The resources provided are not just about fulfilling obligations – they also empower expats to take control of their financial responsibilities with confidence. ### For more information about MyExpatTaxes, contact the company here: MyExpatTaxesMackenzie Passegger [email protected]
Yahoo
16 minutes ago
- Yahoo
Rolls-Royce to build Britain's first mini nuclear reactors
Rolls-Royce will build the country's first mini nuclear power plants as part of a multibillion-pound effort to make Britain a world leader in the technology. The Derby-based engineering giant was on Tuesday confirmed as the sole winner of a design competition, beating rivals GE-Hitachi and Holtec International following a two-year selection process. It will now work with the Government on a programme to initially build three the first small modular reactors (SMRs) by the 2030s, with £2.5bn of funding pledged through 2029 and billions more expected beyond that once construction begins. Ministers said the decision showed they were 'backing Britain', with the majority of the supply chain expected to be based domestically. As a 'preferred' bidder, Rolls will now hold talks to negotiate a final contract with the Government. A location has yet to be announced but sites including Wylfa, in Anglesey, and Oldbury-on-Severn, in Gloucestershire, are among those being considered. Ed Miliband, the Energy Secretary, said the scheme would boost energy security and create thousands of jobs, as part of a new 'golden age of nuclear' that has also seen the Government pledge £14bn of new funding to the construction of Sizewell C. Rachel Reeves, the Chancellor, added: 'The UK is back where it belongs, taking the lead in the technologies of tomorrow with Rolls-Royce SMR as the preferred partner for this journey. 'We're backing Britain with Great British Energy - Nuclear's ambition to ensure 70pc of supply chain products are British built, delivering our plan for change through more jobs and putting more money in people's pockets.' SMRs would in theory be faster to build than larger nuclear plants, such as Hinkley Point C and Sizewell C, and come with smaller price tags – although they remain unproven commercially. Tuesday's announcement also confirmed cutbacks to the SMR programme, which The Telegraph previously revealed were being considered. The Government had earlier suggested that two or as many as three SMR manufacturers would be chosen to take designs forward, with nuclear industry insiders saying this would boost competition and ensure a 'backup' was available should the main winner run into trouble. But with the Treasury under pressure to find billions of pounds for other priorities such as the NHS and police forces, the scale of the programme now appears to have been trimmed back. Ministers also confirmed that Great British Nuclear, the quango set up to manage the new mini-nuclear programme, would be absorbed into Mr Miliband's publicly owned Great British Energy. Tufan Erginbilgic, chief executive of Rolls-Royce, said: 'This is a very significant milestone for our business. 'It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world.' Rolls has also been selected by the Czech government to build some of Europe's first SMRs in a joint venture with state energy firm CEZ. The decision brings to a close a process that was first promised by George Osborne, the former chancellor, in 2015 but did not begin until 2023 under the previous Conservative government. Rolls was widely viewed as the frontrunner in the process and had already been awarded £210m of taxpayer support in 2021 towards the development costs of its SMR technology. But in the past year, ministers have faced calls from Rolls boss Erginbilgic to push forward more quickly to ensure Britain retains 'first mover advantage'. The global SMR market is projected to be worth up to £500bn by 2050, according to the International Energy Agency. Rolls is vying against companies including Westinghouse and GE-Hitachi to secure customers and set up supply chains. The company has long supplied the pressurised water reactors that power Royal Navy submarines but has more recently sought to develop SMRs and even smaller 'micro reactors' for commercial use as well. Its SMRs would be constructed from 'modules' that are built in factories and then transported to sites for assembly. The idea is meant to ensure that the plants can be produced efficiently at scale and more quickly than larger nuclear projects. As part of the SMR competition, the Government asked companies to explain how they would bring down costs over time. In the longer run, it is also hoped that the smaller price tags of SMRs will ensure they are more attractive to private investors, which have long viewed bigger plants as too expensive and risky to back without government support. Major technology companies including Google, Amazon and Facebook owner Meta are investing in potential SMR technologies, amid suggestions they could eventually be used to supply power-hungry data centres needed to develop artificial intelligence. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
Yahoo
22 minutes ago
- Yahoo
US Telecoms Face Capex Decline Amid Economic Challenges: A Review of Key Operators Including AT&T, Verizon, Charter, Comcast, T-Mobile (DT), Lumen, Frontier, and More
The brief analyzes the US telecom capital expenditure trends, using data from key operators like AT&T and Verizon. In 2024, US telco capex was $80.5 billion, but with concerns over inflation and recession, spending is expected to decline. Telcos are leveraging AI for operational efficiency, amid economic and policy uncertainties. Dublin, June 10, 2025 (GLOBE NEWSWIRE) -- The "US Telco Capex Fading as AI Giants Take Center Stage" report has been added to offering. This brief examines the near-term outlook for telecom capital expenditures (capex) in the US, based on the 1Q25 earnings of key operators, including AT&T, Verizon, Charter, Comcast, T-Mobile (DT), Lumen, Frontier, and more. It analyzes how current spending patterns compare with previous forecasts, highlights the main forces shaping investment decisions, explores implications for vendors, and discusses trends in emerging areas such as AI, large language models (LLMs), and data centers. The US market closed 2024 with $80.5 billion in telco capex and $505.2 billion in revenues, representing 27% and 28% of global industry totals, respectively. The USA's capex to revenue ratio, or capital intensity, was in the 17-18% range in 2022-23. That was well above historic levels. The ratio started to moderate in 2024. For full-year 2024, capital intensity was 15.9%. Based upon 1Q25 earnings calls and other datapoints, that will fall further. US telcos are looking to monetize recent investments, and more focused on conserving capital and cutting costs. Economic and policy uncertainty continues to be high, with inflation and recession fears stemming from the presidentially contrived trade emergency. As telcos conserve capex, they must see irony in the massive investment bubble in the data center market. Telcos are struggling to attract the same investor interest. However, telcos are finding other ways to benefit from AI in the US. They aren't positioned well to ride the GenAI wave, but they are deploying AI-based technologies to deliver operational efficiency. For instance: AT&T: using AI to improve call center automation, software development, and digital acquisition. The company says that investment in automation is helping offset labor costs and drive self-service efficiency across sales and support channels. Verizon: integrating AI into customer care and network ops; use cases include predictive maintenance, customer service automation, and internal process efficiencies. Comcast: AI is deployed across billing automation, network troubleshooting, and customer service, reducing truck rolls and call center loads. Machine learning models are used to predict customer churn and drive targeted promotions. Charter: has invested in AI for years, focused on frontline efficiency and self-service; it is reducing repair calls and truck rolls. Internal tools are used to optimize operations, enhance agent support, and reduce OPEX. DT/T-Mobile: AI is integral to DT's digital transformation, aiming at €800 million in group cost savings by 2027. AI is used to optimize fiber rollouts, automate customer service (e.g., chatbots solving 50% of issues without humans), and remotely manage 75% of routers. DT says that AI supports operations across service, coding, sales, and mobile RAN monitoring. Lumen: Lumen is positioning itself as a backbone provider for the AI economy. Lumen Digital platform uses AI for automation and real-time network control. Over the next few quarters, US telcos will remain tightly constrained on capex. Weaker economic growth will hit revenues. Rising government debt and tariffs will cause inflation to spike. Fewer international visitors to the US, less foreign investment, both lead to weaker demand. Tariffs may also cause shortages or high costs in certain component parts used in building networks. Labor costs will rise, as the surge in investment from an adjacent sector (data centers) will make it harder for telcos to keep their staff. But telcos have been wrestling with such issues for years, and they will survive this as well. Key Topics Covered: Summary Market Background - USA 1Q25 results AT&T Verizon Comcast Charter Communications T-Mobile (DT) Frontier Communications Lumen Technologies (ex-CenturyLink) Dish Network (EchoStar) List of Figures Capex forecast for US telco market and recent changes Major capex spenders in US telco, CY24 versus 4Q24 ($M and % total) Summary of US telcos' 2025 capex focus & forecast AT&T's total corporate capex, capital intensity, and share of global capex Verizon's total corporate capex, capital intensity, and share of global capex Comcast's total corporate capex, capital intensity, and share of global capex Charter Communications' total corporate capex, capital intensity, and share of global capex T-Mobile total corporate capex, capital intensity, and share of global capex Frontier capex, capital intensity, and share of global capex Lumen capex, capital intensity, and share of global capex Dish Network capex, capital intensity, and share of global capex For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
