In a press release sent out Monday, the company said it closed 95 "under-performing restaurants". A comparison indicates the company eliminated four of its 10 locations in Rhode Island and 37 of its 115 locations in Massachusetts.When you pull up to the Papa Gino's on Reservoir Avenue in Cranston, there is now a sign taped up reading, "This location is now closed".
Several Papa Gino's locations across the state closed without notice this weekend, including one in MetroWest.
Wynnchurch Capital, a Chicago private equity investment firm, has emerged as the bidder for the PGHC Holdings, the parent of both restaurant chains.
Papa Gino's is a nostalgic taste of New England for many who grew up here. Terms of the agreement were not disclosed.
The company said it would try and move affected employees to restaurants still operating.
The company also announced that it's headed to bankruptcy court.
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The Dedham-based company previously said it had 150 stores. "This proceeding will ensure PGHC can maintain normal business operations at all of its restaurants with improved liquidity as it pursues the sale". The company will solicit competing offers to maximize the value of the sale, according to the press release.
"We are pleased to have reached an agreement that will ensure a long and prosperous future for these iconic New England restaurants", Wendland said in the release.
He conceded that the recent developments have been challenging for the company. "We look forward to serving our guests the pizza and grilled sandwiches they have come to love over many decades".
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.
The company has not responded to multiple phone and email messages.Papa Gino's was founded in 1961 in East Boston as Piece O'Pizza.
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