NPC International, the largest U.S. franchisee of Pizza Hut, filed for bankruptcy.
The company operates more than 1,200 Pizza Huts and nearly 400 Wendy’s.
Slumping U.S. sales for Pizza Hut, and NPC has a debt of roughly $1 billion.
NPC can continue to operate while it tries to turn business around.
“While NPC’s Chapter 11 filing was expected, we view it as an opportunity to create a better future for NPC’s Pizza Hut restaurants,” a Pizza Hut spokesperson said in a statement. “As NPC works through this process, we support an outcome resulting in an organization with a lower, more sustainable level of debt, ownership focus on operational excellence and a greater level of restaurant investment.”
NPC joins a host of other companies that filed for bankruptcy during the pandemic, including Chuck E. Cheese’s parent company CEC Entertainment, rental car company Hertz and retailers J. Crew and J.C. Penney.
Photos by Getty Images