NO PIZZA FOR YOU!..............
Posted on 07/01/2020 12:13:22 PM PDT by Perseverando
NPC International, the largest U.S. franchisee of Yum Brands’ Pizza Hut, filed for Chapter 11 bankruptcy on Wednesday.
The company operates more than 1,200 Pizza Huts and nearly 400 Wendy’s restaurants.
In contrast to most of the restaurant industry, Pizza Hut is one of the rare companies to report same-store sales growth in April and May, thanks to higher digital and delivery sales. But the coronavirus pandemic follows years of slumping U.S. sales for Pizza Hut, and NPC has struggled with a debt burden of roughly $1 billion.
Seeking Chapter 11 protection means that NPC can continue to operate while it tries to turn business around. Pizza Hut said in a statement that NPC’s locations of the pizza chain continue to serve food. The franchisee pre-negotiated a restructuring agreement with most of its lenders.
“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.”
(Excerpt) Read more at cnbc.com ...
Brace yourself!
This party is just barely getting going, you aint seen nothin yet!!
There are so many pizza joints now that they have to compete with, not to mention local chains and mom and pop stores. Usually the small places have better pizza.............
apres moi le deluge
Not really...
“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.”
Sounds like the type of bankruptcy Delta Airlines filed a while ago, and they are still in business.
"Brace Yourself" seems to be a popular warning lately. Here's a rather onerous one I just saw on Twitter from June 29th by Robert Reich, Obama's Labor Secretary.
Robert Reich
@RBReich
Brace yourself. The wave of evictions and foreclosures in next 2 months will be unlike anything America has experienced since the Great Depression. And unless Congress extends extra unemployment benefits beyond July 31, we’re also going to have unparalleled hunger.
It’s subsequent crime wave that worries me - especially since the Soros DA’s are guaranteeing “pre-immunity” from prosecution to members of certain trendily chic groups.
Chapter 11. Reorganizing. A mere flesh wound. ;)
I’ve never been in a CLEAN Pizza Hut in my life. Do they exist? Also - I refuse to eat from a ‘Public Trough Salad Bar.’ Gave that up years ago. *SHUDDER*
Guess they shouldn’t have given all that money to BLM...oh well.
While I’ve eaten no shortage of pizza over the past bunch of years, I can’t remember the last time I ate at Pizza Hut.
Yum! Brands pledges $3 million to advance equality and social justice...............Get woke, Go BROKE!....................
NO PIZZA FOR YOU!..............
After me the flood?..................?
I fully expect the printing presses to be running full speed at the Fed, By January we should be adding at least 1 zero to our dollar.
I stopped eating at Pizza Hut back in the eighties when I read in fine print on their menu that their pizzas used “textured vegetable protein.” Whatever that is, it certainly doesn’t sound like something you would find in real meat and cheese.
Intended or unintended consequence of the shutdown?
It’s just debt re-org. No dust biting. Which it probably should. I really don’t understand how the national pizza chains live. Any city with more than half a million people has multiple pizza options that are drastically better than the Hut and Dominoes. People should stop eating crap pizza.
Basically Tofu... Used in lots of long term storage foods.
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