Good news for pizza and buffet fans.
Cicis pizza buffet announced that it has successfully emerged from Chapter 11 protection. The company has reorganized its corporate team, company operations and financial structure alongside an acquisition by D&G Investors.
In a press release, Cicis confirmed that it had entered into an agreement to sell itself to D&G Investors in early February. The sale reportedly includes Cicis Enterprises, JMC Restaurant Distribution and all of its assests and subsidiaries.
Jeff Hetsel, President and COO, said, “We are looking forward to partnering with D&G Investors going forward and ensuring the brand is poised for an extremely bright future. For more than 35 years, Cicis has held a special place in the hearts, minds and appetites of many Americans and our focus is to ensure our guests keep that connection to our brand for many years to come."
Chris Dharod, one of the principals of SSCP Management and D&G Investors, said, “Cicis has so many attributes that are appealing and we believe in a bright future in this post-pandemic world. While the pandemic has been a difficult time for many restaurant brands, not just Cicis, the brand does have staying power because of the strength of the brand and the business model. We are committed to advancing the company and working closely with franchisees to grow their businesses together."
Fox Business previously reported that the growing popularity of food delivery has been a problem for Cici’s, especially since the COVID-19 pandemic has forced many diners across the country to stay home. The chain has relied primarily on an in-person, all-you-can-eat buffet model, the company said in a court filing, according to the report. Before the COVID-19 pandemic, dine-in customers accounted for 86% of Cici’s business.
Fox Business' James Leggate contributed to this report.