BOSTON — The troubled Upper Crust pizza chain is auctioning off 10 locations Wednesday.
Among the bidders are some former employees who want to open a restaurant at the Harvard Square location. But they may have to bid against a private equity firm.
Under the hammer is the lease at each restaurant, along with with furniture and equipment, and a liquor license if there is one.
But successful bidders won’t be able to reopen under the pizza chain’s name.
“People think that we are auctioning off Upper Crust,” said bankruptcy trustee Mark DeGiacomo from the Boston law firm Murtha Cullina. “Unfortunately we are not.”
Instead, founder Jordan Tobins is keeping the pizza brand and the recipes.
Upper Crust Pizzeria, which owes more than $3 million, has been plagued by worker compensation claims, payments due to vendors and fighting among company executives.