Pizza Hut Franchise File for Bankruptcy
World's largest Pizza Hut franchisee in the US filed for Chapter 11 bankruptcy due to business loss in the Covid19 period.
In its court filing, the franchise distributor of Pizza hut and Wendy restaurant's, NPC International Inc. listed estimated assets ranging from $1 billion to $10 billion and estimated liabilities in the same range.
NPC operates 1,227 Pizza Hut and 393 Wendy's franchise in the United States, representing about 20% of the domestic Pizza Hut system.
One of NPC's hurdles has been Pizza Hut's performance in recent years, which created a "significant drag on profitability due to a lack of sales growth and a significant inflationary cost environment," the filing said.
But the Covid19 pandemic causes a big loss for Pizza Hut sales, and NPC has struggled with...
