.

Firm with Ties to Ousted Original Upper Crust Pizzeria Owner Wins Bid for Lexington Store

Wednesday's bankruptcy auction was only of store leases and equipment, not of the Upper Crust franchise rights.

 

When Wednesday's auction of the embattled Upper Crust Pizzeria chain was done yesterday, and the smoke (somewhat) cleared, a company with ties to the pizzeria's founder, Jordan Tobins, reportedly had won control of the Lexington store site.

The Boston Globe reports that a Ditmars Ltd.  affiliate— a private equity firm connected to Tobins — submitted the high bid of $110,000 for the Waltham Street location.

That offer, says the Globe report, is only for the store lease and restaurant equipment, not rights to use the Upper Crust name.

The same company also won bids for the Watertown, Wellesley and South End store sites.

The attorney representing immigrant workers said to have been cheated out of vast amounts of overtime pay won the bid for the Harvard Square location, where Shannon Liss-Riordan reportedly has said she will give workers ownership shares in the business.

Yesterday's auction was the bankruptcy court dismantling the troubled company. Ten of the stores were shuttered last month after the company ran short of money after executives reportedly paid themselves a month's salary in advance. According to the Globe:

Upper Crust said in court records it owes at least $3.4 million, and the US Department of Labor filed a claim that the company owes workers $850,000 in back wages and damages.

The rest of the company's stores were sold off to other parties.

Joe Slack December 22, 2012 at 12:28 AM
Jordan Tobin, The Bum Is Back In Town

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something