The largest Pizza Hut and Wendy's franchisee "NPC International" filed for Chapter 11 bankruptcy.
The operator runs 1,200 pizza huts and nearly 400 Wendy's restaurants. It is struggling with pandemic-related closures, high labor and food costs, and massive debt of nearly $1 billion.
The company's restaurants will continue to operate while on the go bankruptcy process, and expects to be able to continue to pay and offer benefits to its employees. NPC employs approximately 40,000 people in 27 states.
"As we go through the process, this focus will not change to provide premium and safe service to guests at Wendy's and Pizza Hut restaurants. "Our restaurants are still open according to regular schedules, and we maintain the highest safety, hygiene and hygiene standards," said Carl Hauch, CEO and Head of Wendy's Division at NPC.
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Founders of Pizza Hut Dan and Frank Carney[/caption]
The US company is just one of several companies, who filed for bankruptcy during the coronavirus pandemic.
More than 530 restaurants filed for bankruptcy during the crisis, including 24 hour fitness, Neiman Marcus and J. Crowe.
Meantime, the biggest bankruptcy of Chapter 11 so far has been the car rental company Hertz. Unable to withstand after the travel industry effectively hit the brakes, the company now sells much of its fleet in an effort to meet creditors' demands.
Others in sectors ranging from oil and gas to retail and aviation similarly endured the pandemic mobility.
It is noteworthy that Pizza Hut is an American restaurant chain and international franchise which was founded in 1958 in Wichita, Kansas by Dan and Frank Carney.
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First Pizza Hut, Wichita, Kansas[/caption]
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