Closed Upper Crust pizza shops set for auction

Auction plans are in the works for Upper Crust's 10 company-owned restaurants.

The trustee overseeing the Boston pizzeria chain's bankruptcy case has received inquiries from about 50 companies, both local and national, interested in buying all, some or one of the stores.

Trustee Mark DeGiacomo plans to file documents on Monday or Tuesday for the bankruptcy court's permission to conduct the sale.

"We were not able to find anyone who was willing to put up the funds to reopen the stores, so we're still holding out hope that that could happen," DeGiacomo said. "But, meanwhile, were marching forward with the sale of the stores so we can get new owners in there who we hope will hire some or all of the employees."

The highest bidders will prevail in the auction, according to DeGiacomo.

"Whoever is the highest bidder will get the most money for creditors," he said.

DeGiacomo has no estimate of the value of the chain, saying it's "whatever people are willing to pay."

The trustee closed the 10 Upper Crust restaurants last week because there were insufficient funds to continue their operation. The company had about 170 employees.

Upper Crust filed for Chapter 11 bankruptcy protection last month. The chain, which was the target of a U.S. Department of Labor investigation and a class-action lawsuit filed by employees, has up to $4 million in debt.

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