Major Pizza Hut, Wendy's franchisee files for bankruptcy

[PeteS in CA]

Major Pizza Hut, Wendy's franchisee files for 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.