According to a new report by Nation’s Restaurant News, Boston-based pizza chain, Oath Pizza, has declared Chapter 7 bankruptcy. According to the report, the chain announced that it will be liquidating its assets.
The chain reportedly has $500,000 in assets – but is $50 million in debt. Oath Pizza was founded in 2015 on Nantucket Island, and was once a promising company. Oath Pizza struck a deal with Aramark in 2018 and had plans to grow in the Northeast, mostly through franchising.
At its peak, the chain had 17 locations spread out across Massachusetts, New York, Pennsylvania, California, and other states. However, in 2023 the chain began shuttering locations.