According to the Boston Globe, the Dedham-based company that owns the Papa Gino’s and D’Angelo chains confirmed Monday that they’ve closed about 95 restaurants, filed for Chapter 11 protections and reached an agreement to sell the business to a private equity firm.
The disclosure from PGHC Holdings Inc., parent company of the Papa Gino’s and D’Angelo Grilled Sandwiches restaurants, came in a statement and followed the abrupt closure of dozens of restaurants over the weekend.
According to the statement, PGHC has reached an “agreement in principle” to sell the chain to Wynnchurch Capital. Terms weren’t disclosed.
The release noted that “approximately 95 under-performing restaurants” were forced to close, but a combined 178 Papa Gino’s and D’Angelos restaurants remain open.
“The company regrets having to close these restaurants but believes focusing resources on a core of best-performing restaurants is the responsible approach,” the release said. “ … Where possible, PGHC hopes to move certain team members from closed restaurants to restaurants that continue to operate.”