The agreement offers NPCs “flexibility to explore options for achieving a maximum value outcome as it seeks to finalize the terms of a comprehensive financial restructuring and move away from Chapter 11,” it said in a release. A perfect storm of coronavirus-related shutdowns, a massive debt tax of nearly $ 1 billion and rising labor and feed costs tipped NPC into bankruptcy.
Pizza Hut said Monday that the 300 U.S. locations are “significantly underperforming” compared to the rest of NPC’s Pizza Hut locations, and it will help employees find jobs at restaurants near Pizza Hut. The chain has shifted from opening and operating restaurants to dining rooms. Instead, it is encouraging customers to order pick-ups through their website as third-party apps.
“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 chain said in a statement.
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