The parent company of Dedham-based Papa Gino's Pizzeria and D'Angelo Grilled Sandwiches announced this morning it has reached an agreement in principle to sell its fast-food chains to a portfolio company and today filed for Chapter 11 bankruptcy protection.
The proposed sale to Wynnchurch Capital would require court approval; however, PGHC Holdings, Inc., said in a statement it will solicit competing offers "to maximize the ultimate value of the sale, for both the company and its stakeholders."
The announcement comes after PGHC Holdings yesterday stunned employees and customers alike by abruptly shuttering 95 restaurants.. . . more