California Pizza Kitchen files for bankruptcy – CNN

New York (CNN Business) California Pizza Kitchen is the latest fast casual chain to file for bankruptcy as the pandemic and its debt burden hampers its operations.

The 35-year-old pizza chain filed for Chapter 11 Thursday, explaining that the process will help it “reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.” It warned that it will close unprofitable locations, but didn’t say how many of its 200 global restaurants will be affected.

“The unprecedented impact of Covid-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business,” CEO Jim Hyatt said in a release.

Source: California Pizza Kitchen files for bankruptcy – CNN


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