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Operator of Pizza Hut and Wendy’s files for bankruptcy

by Denieca
July 01, 2020
in Business, Music
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Operator of Pizza Hut and Wendy’s files for bankruptcy
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(CMR)The operators of over 1,000 Pizza Hut locations and 400 Wendy's stores, NPC International, has filed for bankruptcy.

In January, NPC International missed an interest payment, leading credit rating agency Moody's to downgrade its rating.

The company has been dealing with years of weak sales, increased labour cost and a high debt burden.

In court documents, NPC placed most of the blame on Pizza Hut, citing a “deteriorating brand image and lack of innovation.”

“The Pizza Hut brand continues year after year to lose market share to its national competitors,” the company said further adding that Domino’s and Papa John’s have “better technology or more compelling price and product offerings.”

NPC had been in talks with Pizza Hut for months and made the filing the day after a forbearance agreement with its franchisor expired.

NPC revealed that it had reached deals with its lenders on the framework of restructuring and plans to sell its Wendy’s business.

NPC is to continue its operations while it navigates the Chapter 11 process.

According to the company website, NPC employs nearly 40,000 people in 27 US states.

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Tags: NPC InternationalPizza HutWendy's
Denieca

Denieca

Denieca is an experienced Caribbean content creator with experience in the digital news market. She has worked for several publications as both a content manager and journalist. She is an expert in crafting engaging content that generates lively discussions and engagement on social media platforms. Her primary areas of focus on CMR will be regional news and lifestyle pieces.

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