The Briefing Room
General Category => Economy/Business => Topic started by: PeteS in CA on July 03, 2020, 12:23:29 am
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Major Pizza Hut, Wendy's franchisee files for bankruptcy
https://justthenews.com/politics-policy/finance/major-pizza-hut-wendys-franchisee-files-bankruptcy (https://justthenews.com/politics-policy/finance/major-pizza-hut-wendys-franchisee-files-bankruptcy)
NPC International, which operates roughly 1,200 Pizza Hut and Wendy’s restaurants across the U.S., has filed for bankruptcy - becoming one of the most recent businesses needing court relief as a result of the coronavirus.
Among the other major, well known companies to file for bankruptcy since the pandemic hit in mid March are J Crew, Neiman Marcus, 24-Hour Fitness and Chuck E. Cheese’s parent company CEC Entertainment and Hertz.
Having nearly $1 billion in debt and rising labor and food costs also reportedly contributed to the company’s decision to file Wednesday for Chapter 11 protection. Such a filing allows companies to restructure debt with creditors so they can continue to operate and try to turn a profit.