Food
This popular pizza chain filed for Chapter 11 bankruptcy: Will it close its locations?
This bankruptcy filing adds to a growing list of restaurants facing financial difficulties including larger names like Red Lobster and TGI Fridays.
Next Level Pizza, the parent company of Oath Pizza, has filed for Chapter 11 bankruptcy after a Chapter 7 bankruptcy in late October 2024, marking a significant downturn for the once-rising fast-casual pizza chain.
This filing will result in the liquidation of Next Level Pizza’s assets, with the company listing between $100,000 and $500,000 in assets and between $10 million and $50 million in liabilities.
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The company says it cannot pay its creditors and looks to be finished.
Will Next Level Pizza close its locations?
By December 2023, all company-owned stores had closed as vendors. The franchise side of the business also faced issues, with most franchisees stopping royalty payments due to ownership uncertainty or breaches.
As of the bankruptcy filing, Oath Pizza’s website indicates three locations appear to still be open, with all available for online ordering.
The future of Oath Pizza’s locations, including its flagship store on Nantucket where the chain was founded in 2015, is uncertain but only pointing in one direction. While the Nantucket location was open during the summer of 2023, it remains closed and seems will not reopen.
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