{"id":26921,"date":"2020-07-01T18:27:28","date_gmt":"2020-07-01T18:27:28","guid":{"rendered":"https:\/\/www.ceo-na.com\/?p=26921"},"modified":"2020-07-01T22:05:03","modified_gmt":"2020-07-01T22:05:03","slug":"pizza-hut-files-for-bankruptcy","status":"publish","type":"post","link":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/news\/pizza-hut-files-for-bankruptcy\/","title":{"rendered":"<Pizza Hut files for bankruptcy>"},"content":{"rendered":"<p>The largest franchisee of Pizza Hut restaurants in the US is filing for bankruptcy.<\/p>\n<p><!--more--><\/p>\n<p>Confirming rumors that had been swirling this week, Kansas-based NPC International\u00a0<a class=\"color-link\" title=\"https:\/\/www.npcinternational.com\/npc-restructuring\/\" href=\"https:\/\/www.npcinternational.com\/npc-restructuring\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.npcinternational.com\/npc-restructuring\/\" aria-label=\"said in a statement\">said in a statement\u00a0<\/a>it has officially filed for bankruptcy and\u00a0entered a restructuring support agreement with its lenders to \u201csubstantially reduce its long-term debt and strengthen the company\u2019s capital structure and potentially participate in a new cash injection after suffering rising commodities costs and a \u201chigher level of financial leverage\u201d for restaurant operator, said Jon Weber, CEO and president of NPC\u2019s Pizza Hut division.\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-07-01\/pizza-hut-and-wendy-s-operator-npc-files-for-bankruptcy\" target=\"_blank\" rel=\"noopener\">According to Bloomberg<\/a>, the company has $903 million in debt and has pre-negotiated a restructuring agreement with about 90% of its first lien lenders and 17% of second lien lenders.<\/p>\n<blockquote><p>\u201cWhile NPC\u2019s Chapter 11 filing was expected, we view it as an opportunity to create a better future for NPC\u2019s Pizza Hut restaurants,\u201d <strong>a Pizza Hut spokesperson said in an emailed statement.<\/strong> \u201cWe are working with NPC and its lenders to ensure that NPC\u2019s Pizza Hut restaurants emerge from this process with the support they need to succeed.\u201d<\/p><\/blockquote>\n<p>Filing for Chapter 11 bankruptcy\u00a0doesn\u2019t mean Pizza Hut and Wendy\u2019s are going out of business. NPC can keep operating while it works out a plan to pay its bills and turn the business around, and the bankruptcy doesn\u2019t affect the thousands of other Pizza Hut and Wendy\u2019s outlets owned by other franchisees.<\/p>\n<p><a href=\"https:\/\/www.npcinternational.com\/\" target=\"_blank\" rel=\"noopener\">According to its website<\/a>, NPC International currently owns 1,225 Pizza Hut locations, 385 Wendy&#8217;s restaurants, has 7,500 full-time employees, about 28,500 part-time workers, operating in 30 states as well as the District of Columbia. It is the largest franchisee of any restaurant concept in the U.S., based on location counts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest franchisee of Pizza Hut restaurants in the US  [&#8230;]<\/p>\n","protected":false},"author":8,"featured_media":26922,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1338],"tags":[99,1385,186,3878],"class_list":["post-26921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ceo","tag-ceo-northam","tag-industries","tag-pizza-hut"],"_links":{"self":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/26921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/comments?post=26921"}],"version-history":[{"count":2,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/26921\/revisions"}],"predecessor-version":[{"id":26924,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/posts\/26921\/revisions\/26924"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media\/26922"}],"wp:attachment":[{"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/media?parent=26921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/categories?post=26921"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/servidor-mxigen1.com\/ceona-antiguo\/wp-json\/wp\/v2\/tags?post=26921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}