NPC International, the largest U.S. franchisee of Yum Brands’ Pizza Hut, filed for Chapter 11 bankruptcy on Wednesday.
The company operates more than 1,200 Pizza Huts and nearly 400 Wendy’s restaurants.
In contrast to most of the restaurant industry, Pizza Hut is one of the rare companies to report same-store sales growth in April and May, thanks to higher digital and delivery sales. But the coronavirus pandemic follows years of slumping U.S. sales for Pizza Hut, and NPC has struggled with a debt burden of roughly $1 billion.Read More
By Amelia Lucas, CNBC