Bertucci's

Last updated

Bertucci's
Company type Subsidiary
Industry Restaurant
Genre Casual dining
Founded1981;43 years ago (1981), in Somerville, Massachusetts, as (Bertucci's Pizza and Bocce)
FounderJoseph Crugnale
Headquarters Northborough, Massachusetts
U.S.
Key people
Len Carpenter (CEO)
Products Italian-American cuisine
Parent N.E. Restaurant Co. Inc. (1998–2018)
Earl Enterprises
(2018–present)
Website www.bertuccis.com OOjs UI icon edit-ltr-progressive.svg

Bertucci's is an American chain of restaurants offering pizza and Italian food. Bertucci's was founded by Joey Crugnale in Davis Square, Somerville, Massachusetts, in 1981. [1] The company expanded rapidly during the 1990s. Bertucci's locations are primarily found in the Northeast US, but range as far south as Virginia. N.E. Restaurant Co. Inc. bought out Bertucci's in 1998, adopting the Bertucci's Co. name in 2001.

Contents

History

Joseph ("Joey") Crugnale, Bertucci's founder, was born in Sulmona, Italy. He landed his first job in a restaurant while in high school, after emigrating to Boston, Massachusetts. He worked as a porter at the Sonesta Hotel in Cambridge, Massachusetts. In 1974, he opened his first ice cream stand. In 1975, he refinanced his father's home and purchased Steve's Ice Cream from founder Steve Herrell for $80,000. Crugnale established 26 stores before selling the concept to Integrated Resources in 1983 for $4.5 million. [2]

The first 'Bertucci's Pizza and Bocce' was opened in 1981, two doors from Steve's Ice Cream in Davis Square. Bertucci's was opened to eliminate the possibility of an ice cream competitor moving in. The name was found in a magazine during a flight to New York City. [2] The original location had a bocce court in the basement. [3]

1980s

USA Today listed Bertucci's as one of America's top 10 pizza restaurants in 1989; by then, its headquarters were in Woburn, Massachusetts. [2]

1990s

Bertucci's in the Dupont Circle neighborhood of Washington, D.C. (Now closed) Bertucci's - Dupont Circle.JPG
Bertucci's in the Dupont Circle neighborhood of Washington, D.C. (Now closed)

Bertucci's became a publicly owned company in July 1991. The company offered 21 units for $13 per share. That year sales increased 30 percent to $37.4 million and net income increased by 90 percent to $3 million. Stock prices nearly doubled, selling for $24.75 per share. [2] [4]

Joey Crugnale attempted to take the chain private again in 1998, [3] but though the board approved his attempt, he was outbid. N.E. Restaurant Co. Inc. purchased Bertucci's for $10.50 a share during the buyout. [5]

2000s

In 2001, N.E. Restaurant Co. Inc. sold its Chili's and On the Border restaurants to Brinker International, [6] and changed its name to Bertucci's Corp. A $4 million advertising tagline "Everybody Eats" was developed in April 2002. In 2006, Italian chain Vinny T's rebranded as Buca di Beppo and withdrew from some markets. As part of their consolidation, they sold 11 Boston locations to Bertucci's Corp. By the end of the decade the chain had nearly 100 locations. [7]

2010s

In 2011, The Boston Globe did a DNA investigation of fish available in area restaurants and supermarkets and determined that 50% of the fish was not properly labeled as to species. [8] Bertucci's was asked for comment, and acted swiftly to correct the issue – an article on their search to find an acceptable serving of cod to replace the hake that their supplier had sourced them with appeared at the same time as the report on the investigation. [9]

In December 2012, Bertucci's opened its first 2Ovens concept restaurant in the revamped White City shopping center in Shrewsbury, Massachusetts. The brick ovens are the primary method of cooking in the restaurant. [10]

On April 15, 2018, Bertucci's filed for Chapter 11 bankruptcy. [11] The chain was expected to close about half of their locations and the plans were to hold an auction for the remainder of the company. The opening bid would be for $19.7 million and if no higher bid was made, an affiliate of Right Lane Capital had agreed to purchase the chain. The company owed approximately $9 million to their suppliers and $110 million to financial lenders. [12]

In June 2018, the Bertucci's chain agreed to be acquired by the corporate parent of Planet Hollywood, Earl Enterprises, for $20 million. [13]

2020s

In December 2022, Bertucci's filed for Chapter 11 bankruptcy, blaming declining sales and loss in revenue from the COVID-19 pandemic, and the inflation causing the company to increase dramatically in supply issues. As a result of the bankruptcy, two restaurants in Connecticut, in Avon and Newington, two restaurants in New Hampshire, in Manchester and Salem, and five restaurants in Massachusetts, in Beverly, Brockton, Canton, Marlborough, and North Attleboro, were closed. None of Earl Enterprises' other owned companies were affected from the bankruptcy filing. [14] In March 2023, the Peabody location was closed. [15] In June 2023, Bertucci's closed its New Jersey location in Mount Laurel. [16] In October 2023, two more Massachusetts Bertucci's locations were closed, located in Central Square in Cambridge, and in Lexington. [17] As of April 2024, the company operates 23 locations in Connecticut, Delaware, Maryland, Massachusetts, Pennsylvania, Rhode Island, and Virginia.

See also

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References

  1. ↑ "About Bertucci's: The Story". Bertucci's. Retrieved March 17, 2024.
  2. 1 2 3 4 "History of Bertucci's Corporation – FundingUniverse". www.fundinguniverse.com. Retrieved February 24, 2018.
  3. 1 2 "Hall of Fame Profile: Joey Crugnale". October 15, 2004. Retrieved February 24, 2018.
  4. ↑ "Keynote Entrepreneur - Bertucci's Inc". Archived from the original on January 25, 1998.
  5. ↑ "Company News; Bertucci's, Pizza Chain, Is Sought by Ne Restaurant". The New York Times . Bloomberg News. April 4, 1998. Retrieved February 24, 2018.
  6. ↑ "Brinker adds restaurants in New England". Dallas Business Journal. April 13, 2001.
  7. ↑ "BUCA, Inc. Announces Sale of Vinny T's of Boston to Bertucci's Corporation" (Press release). September 25, 2006. Retrieved February 24, 2018.
  8. ↑ Abelson, Jenn; Daley, Beth (October 23, 2011). "On the menu, but not on your plate". The Boston Globe . Retrieved February 24, 2018.
  9. ↑ Abelson, Jenn; Johnston, Katie (October 23, 2011). "Bertucci's tries to right a wrong". The Boston Globe . Retrieved February 24, 2018.
  10. ↑ "2ovens". 2ovens.com. Archived from the original on November 5, 2013. Retrieved February 24, 2018.
  11. ↑ "Bertucci's files Chapter 11 bankruptcy: Pizza chain may close restaurants". USA Today. Retrieved April 16, 2018.
  12. ↑ Church, Steven (April 16, 2018). "Bertucci's bankruptcy plan includes initial bid from Right Lane". The Boston Globe . Bloomberg News . Retrieved April 17, 2018.
  13. ↑ Graham, Jordan (June 6, 2018). "Bertucci's 'very expandable,' new owner says". Boston Herald . Retrieved June 6, 2018.
  14. ↑ "Bertucci's declares bankruptcy for the second time". December 6, 2022. Retrieved December 6, 2022.
  15. ↑ "Another Bertucci's in Mass. has shuttered". NBC Boston. March 8, 2023. Retrieved October 25, 2023.
  16. ↑ "Italian restaurant chain closes its last N.J. spot". NJ.com. July 20, 2023. Retrieved October 25, 2023.
  17. ↑ "Two Mass. Bertucci's locations shut down, bagel shop opens in Cambridge". NBC Boston. October 8, 2023. Retrieved October 25, 2023.
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