Pizza Hut operator NPC International, which declared bankruptcy in July, reached an agreement with the pizza chain to permanently close up to 300 stores.
NPC entered bankruptcy with more than 1,200 Pizza Hut locations. Most of the potentially closing units are dine-in, which is in line with Pizza Huts ongoing strategy to move toward off-premises. The operator said no decisions have been made about which restaurants will close or the timing of the shut downs.
The agreement with Pizza Hut follows an extensive analysis that the parties conducted of its entire Pizza Hut portfolio to best position NPCs Pizza Hut business for long-term success, and has the support of the ad hoc group of NPCs first lien lenders, NPC said in a statement.
The …
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