NPC International, the operator of 1,200 Pizza Hut and nearly 400 Wendy's restaurants in the United States, has filed for bankruptcy.
The franchisee has been dealing with a perfect storm of problems that led to its Chapter 11 filing on Wednesday, including coronavirus-related shutdowns, a massive debt burden of nearly $1 billion and rising labor and food costs. Pizza Hut, of which NPC is the company's largest franchisee, has also been struggling with sales recently.NPC's restaurants will continue to operate while it navigates the Chapter 11 process.
"Read MorePizza Hut, which is owned by Yum! Brands , pointed toward a recent filing showing that sales at its US restaurants open at least a year have begun rebounding off their March lows. Pizza Hut has 7,100 restaurants in the United States.Jon Weber, CEO of NPC's Pizza Hut division, said in a statement the company will use Chapter 11 to"evaluate and optimize our restaurant portfolio so that we are best positioned to meet the needs of consumers across the country.
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