The company that owns the Papa Gino's pizza parlor and D'Angelo sandwich shop chains has confirmed it has closed about 95 locations throughout New England, filed for Chapter 11 bankruptcy protection and reached an agreement to sell the business.
The announcement Monday by Dedham-based PGHC Holdings Inc. came a day after many employees showed up for work Sunday to find the restaurants closed without explanation.
PGHC in a statement said it had reached an "agreement in principle" to sell to Wynnchurch Capital. Terms weren't disclosed.
The restaurants that closed were described as "under-performing" and the company said 178 Papa Gino's and D'Angelo locations remain open.
The company says the proposed sale would strengthen its financial resources, allow for the remodeling and modernization of 141 company-owned restaurants and allow for new locations.
