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A popular Massachusetts-based pizza and sandwich company is on life support.
Papa Gino’s Holdings Corp., the parent company of the Papa Gino’s pizza chain and D’Angelo Grilled Sandwiches, filed for Chapter 11 bankruptcy Monday. The company has a tentative deal to be acquired by Chicago-based private equity firm Wynnchurch Capital. The announcement comes after the chain abruptly closed 95 locations around New England Sunday, NBC 10 Boston reports.
Papa Gino’s began as Piece O’ Pizza in East Boston in 1961 before changing to its current name seven years later and expanding to locations throughout New England. The company has yet to provide a list of the closed locations, but 100 Papa Gino’s and 78 D’Angelo’s remain open. Sunday’s closings resulted in about 1,100 layoffs.
The sale to Wynnchurch still requires court approval, the Boston Herald reports.
“These were hard decisions but decisions we believe were absolutely necessary to allow Papa Gino’s and D’Angelo Grilled Sandwiches to continue serving New England now and for years to come," PGHC Chief Financial Officer Corey Wendland said in a prepared statement to the Herald.
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