SAN FRANCISCO (KRON) – California Pizza Kitchen on Thursday announced it is filing for bankruptcy amid the ongoing coronavirus pandemic.
In a statement, CPK’s CEO Jim Hyatt said the process would help the company “reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.”
Hyatt said it will close locations not making a profit, but did not disclose which or how many of its 200 locations around the world would be affected.
“The unprecedented impact of Covid-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business,” Hyatt added.
Revenues for CPK are down 40% compared to the same time a year ago, officials said, due in part to the temporary closure of indoor dining amid the pandemic.
Chuck E. Cheese, Le Pain Quotidien, and others have also filed for bankruptcy in recent months amid the pandemic.
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