CiCi’s Pizza Declares Bankruptcy
CiCi's Pizza declared bankruptcy on Monday, January 25th, 2021, according to an article published by Restaurant Business Online. This could mean the end of the cheap pizza and arcade games that Lubbock families have enjoyed for over a decade.
The pandemic has wreaked havoc on the restaurant industry, and takeout and delivery have become vital for most restaurants to survives. Unfortunately, CiCi's was not up for the challenge. The buffet chain is simply that: a buffet chain, and, as such, the majority of its revenue depends on in-store dining.
The initial shutdown of CiCi's indoor dining services was incredibly hard on the company and many franchises were left utilizing third-party delivery services which killed their business.
CiCi's Chief Financial Officer Richard Peabody said in court documents related to the Chapter 11 filing that COVID-19, "significantly disrupted CiCi's restaurant operations and severely limited customer demands," which sounds like a nice way to say, 'people ordered from other places.' We all love CiCi's for their buffet prices and a never-ending assortment of random pizza, but it doesn't seem our love can translate without the buffet part.
Stuffing your face until you can't breathe for a few bucks is one thing. Ordering a floppy, thin CiCi's pizza for delivery when given the dozens of delivery competitors out there is another.
According to Restaurant Business Online's report, CiCi's primary lender, D&G Investors, acquired $82 million worth of debt from CiCi's in December and has since negotiated a deal to buy the popular pizza chain. We attempted to reach our local CiCi's Pizza location, but they were unavailable for comment.
Are you heartbroken at the possibility of losing the pizza of our youth? Share your thoughts in a comment below or on our Facebook page.