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Nearly 300 Pizza Hut restaurants will permanently close to the largest franchisee for Yum! Markets, the parent company for the fast food chain, filed for bankruptcy.
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Pizza Hut also wrote that it would reduce its staff from closed stores to “thriving locations in the company where possible.” (iStock)
NPC International Inc., which has 1,227 Pizza Hut locations and nearly 400 Wendy locations, filed July 1 for Chapter 11 bankruptcy protection, Louisville Business First reported.
According to the report, Yum! Brands and NPC International Inc. have agreed to close 300 underperforming restaurants.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| YUM | YUM! BRANDS | 93.60 | +0.95 | + 1.03% |
“We have continued to work with NPC and its lenders to optimize NPC’s Pizza Hut restaurant footprint and strengthen the portfolio for the future, and today’s joint agreement to close 300 NPC Pizza Hut restaurants is a major step towards a healthier business. , “Pizza Hut said in a statement to Fox Business.
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Pizza Hut also wrote that it would reduce its staff from closed stores to “thriving locations in the company where possible.”
“In line with the previously announced transfer of Pizza Hut to a more modern delivery, sidewalk and implementation-oriented asset base, a substantial majority of the NPC Pizza Hut locations to be closed have been relocated,” read the statement.
The specific locations have not yet been made public.
According to an earnings report from the second quarter released by Yum! Markets, Pizza Hut channel off-premise produced “21% sales growth from the same store as excluding closed Express units, or 16% growth from the same store sales when including closed Express units.”
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Global sales of systems, excluding foreign currency translation, dropped 10% for Pizza Hut.
