Planet Hollywood Owner Buys Bertucci's

The newest owner of Bertucci's is promising few changes when it comes to the food it's known for.

Earl Enterprises has obtained the Northborough-based pizza chain in a $20 million deal, the Boston Globe reported. The Orlando-based Earl Enterprises also has Planet Hollywood, Buca di Beppo, and Earl of Sandwich in their portfolio.

Robert Earl, the president and chief executive of Earl Enterprises, told the Globe that he plans on keeping the Bertucci's operation in Boston and despite the recent closure of 15 restaurants, is looking to open two or three more locations. He noted that the chain's 59 remaining locations are profitable.

Once a Boston staple, Bertucci's has fallen on hard times and filed for Chapter 11 bankruptcy in April. The $20 million deal includes up to $13 million in debt, $3 million in cash, and a $4 million credit and termination fee that will be paid out to the initial bidder, according to court records reviewed by the Globe.

The company originally planed to sell its assets to Illinois-based Right Lane Dough Acquisitions for about $20 million, according to the Associated Press.

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