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


The article was originally published here!

Comments

Post a Comment

Popular posts from this blog

Pier 1 Closing All Stores For Good, Cites ‘New Reality, Uncertainty Of Post-COVID World’

Image
Pier 1 Imports has become the latest retailer knocked against the ropes by the “new reality” of online shopping and finished off by COVID-19. Nearly 60 years after its first store opened — and three months after filing for bankruptcy — the company announced Tuesday that it wants to close all retail operations “as soon as reasonably possible.” The explosion in online shopping, intense competition from larger chains and the coronavirus pandemic “are requiring us to wind down,” Robert Riesbeck, Pier 1’s chief executive and chief financial officer, said in a statement. “This decision follows months of working to identify a buyer who would continue to operate our business going forward,” Riesbeck said. Source: Pier 1 Closing All Stores For Good, Cites ‘New Reality, Uncertainty Of Post-COVID World’ The article was originally published here!
Read more

Republican gubernatorial candidate, a physician, goes to court to stop youth COVID vaccinations

Scott Jensen, a prominent Minnesota Republican candidate for governor with a track record of COVID-19 theories not shared by the medical community, has signed onto an effort to stop vaccinations for 12- to 16-year-olds. Jensen, a family physician from Chaska who served in the state Senate from 2017 to 2021, is the first named plaintiff in a petition filed in federal court in Alabama by America’s Frontline Doctors, a group that has attempted to diminish the pandemic that has killed more than 590,000 Americans and pushed misleading and false information about the coronavirus, its lethality and debunked treatments and preventions, such as the use of hydroxychloroquine. The group’s leader, Simone Gold, was among those who entered the U.S. Capitol during the Jan. 6 insurrection that sought to halt the certification of President Joe Biden’s victory over then-President Donald Trump, Gold has confirmed to the Washington Post . She was later arrested and faces charges of entering a restric
Read more