Amid Papa Gino's Closures, Company Announces Bankruptcy And Plans To Sell

Cornelia Mascio
Novembre 7, 2018

Over the weekend, locally-born chain Papa Gino's closed dozens of its locations in New England, including pizzerias in Lowell, Westford, Bedford, Nashua, and Fitchburg, the Lowell Sun reported.

The company, which previously boasted approximately 150 stores across New England, showed only 97 locations on its website Sunday; of those 78 were in MA.

The East Boston-born, Dedham-based company at one point had more than 150 outposts in New England, per company information on Papa Gino's website.

PGHC Holdings Inc.'s announcement came a day after many employees showed up for work to find the restaurants closed without explanation.

The closings include three Papa Gino's locations in Worcester on Chandler Street, Southwest Cutoff and Main Street. The company also said it "has reached an agreement in principle" to sell the company to Wynnchurch Capital portfolio company, a private equity investment firm. Terms weren't disclosed. The release also said that the company filed for protection under Chapter 11 in an effort to maintain operations at the restaurants that were still open while pursuing the sale. "We are confident that the agreement with Wynnchurch achieves all of those goals", Corey Wendland, chief financial officer, said in the statement. ". Where possible, PGHC hopes to move certain team members from closed restaurants to restaurants that continue to operate".

In a September 21 press release, Bunker Hill Capital, a Boston private equity investor, said it exited from PGHC Holdings, the parent company of Papa Gino's and D'Angelo.

"If your nearest Papa Gino's or D'Angelo has closed, be assured that your favorite pizza or Steak Number 9 sandwich awaits you at a re-energized restaurant not too far away". The company also owns D'Angelo Grilled Sandwiches.

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