Oath Pizza, a once-prominent pizzeria chain with locations in major cities such as New York, Boston, and California, is set to shut down permanently. The chain’s parent company, Next Level Pizza Inc., filed for Chapter 7 bankruptcy in October 2024, initiating a liquidation process that ultimately led to the closure of all its restaurants.
The company’s financial situation was dire, with debts surpassing 50 million euros, while its assets amounted to less than 500,000 euros. A bankruptcy court in Delaware ordered the liquidation of its assets, which included the immediate closure of its remaining locations and the end of the brand’s presence in the market.
Founded in Boston, Oath Pizza built a reputation for its fresh ingredients and customizable pizza options. At its peak in 2022, the chain operated 17 restaurants across several states, including New York, Massachusetts, Pennsylvania, and California. However, due to mounting financial difficulties, seven of those locations closed by the end of 2023. Throughout 2024, the company accelerated its closures, and the last remaining stores are expected to cease operations in 2025.
The company’s inability to manage its debt, coupled with fierce competition from industry giants like Domino’s and Pizza Hut, played a central role in its downfall. Rising operational costs, especially in the wake of the COVID-19 pandemic, further strained the business. Moreover, despite initial expansion in strategic cities, Oath Pizza struggled to build a large, loyal customer base, limiting its capacity to weather financial challenges.
The closure of Oath Pizza adds to a broader trend of restaurant bankruptcies in 2024, underscoring the difficulties faced by emerging food brands in a highly competitive and cost-intensive market. The end of Oath Pizza highlights the challenges of sustaining innovation in the crowded pizza industry.
Related topic:
- Asian Restaurant Brings Malatang Trend to Dallas
- Caprinos Pizza Opens New Branch in Wymondham
- Americana Restaurants Expands in Oman with Pizza Hut Acquisition
