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California Pizza Kitchen files for bankruptcy amid pandemic - Business Insider

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California Pizza Kitchen files for bankruptcy, after closing restaurants as the pandemic sent sales plummeting

California Pizza Kitchen sells groceries to stay afloat in reaction to the coronavirus on April 17, 2020 in Burbank, California.California Pizza Kitchen filed for Chapter 11 bankruptcy on Thursday.

The pizza chain filed for Chapter 11 bankruptcy on Thursday, saying in a filing that sales plummeted amid the coronavirus pandemic. There are 179 CPK locations in the US, as well as 36 international locations. "The restructuring agreement includes a commitment for $46.8 million in new financing which will enable ongoing operation of CPK restaurants," CPK CEO Jim Hyatt"This proactive filing will allow us the ability to reduce our long term debt load and emerge as a much stronger company."

In the bankruptcy filing, CPK said that it temporarily closed 46 locations in early March that were not feasible to remain open as take-out and delivery-only businesses. CPK has been working with landlords to renegotiate leases and has so far been granted $6.1 million in concessions over the next three years. CPK has generally not paid rent since the pandemic, according to the filing.

 

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