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DEDHAM, MA – A day after the brutal closure of dozens of stores, Papa Gino's Pizza filed for bankruptcy and announced the sale of its parent company.
On Monday, the parent company, Papa Gino's Holdings Corporation, owner of D'Angelo's Sandwiches restaurants, announced that it had been sold to a portfolio company of Wynnchurch Capital, a day after only having crossed 95 branches in the region.
In a statement, the company said the sale would strengthen the channel's financial resources, allowing PGHC to "remodel and modernize" its 141 company-owned restaurants in Massachusetts, New Hampshire, Rhode Island and Connecticut; open additional restaurants throughout New England; and "improve online ordering capabilities at all restaurants."
"We are pleased to have reached an agreement that will ensure a long and prosperous future for these iconic restaurants in New England," said Corey Wendland, chief financial officer, in a statement. "For some time, we have been pursuing a plan to strengthen our capital base and secure the capital needed to invest in our restaurants while reducing our significant debt load.We are confident that the agreement with Wynnchurch will achieve all of these goals. . "
In order to "carry out the sale project effectively," the company on Monday requested Chapter 11 protection against bankruptcy.
The Dedham-based pizza chain was founded in 1961 in Boston, east of Boston, under the name of Piece O 'Pizza. His name changed in 1968 and his parent company also owns the grilled sandwiches of Angelo.
On Monday afternoon, Papa Gino's official website had 97 sites open.
Patch will update this report.
Photo credit: Charlene Arsenault
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