1851

To the list of restaurant franchises filing for bankruptcy since the arrival of the coronavirus pandemic —&nbsp;a list that includes iconic brands like Chuck E. Cheese and Le Pain Quotidien —&nbsp;add California Pizza Kitchen.&nbsp;On Thursday, the LA-based full-service franchise announced it had officially filed for Chapter 11 bankruptcy, allowing the brand to undergo a financial restructuring that may include turning over leadership to lenders and slashing debt.<a href="https://la.eater.com/2020/7/30/21348457/california-pizza-kitchen-bankruptcy-covid-coronavirus-pandemic-closing-news?utm_source=1851franchise.com&utm_medium=article&utm_campaign=california-pizza-kitchen-files-for-bankruptcy-2713631" target="_blank" rel="nofollow">As EATER Los Angeles points out</a>, the news does not mean that California Pizza Kitchen will be closing all of its 250 locations, but Chapter 11 is widely considered the last-ditch effort for a struggling business, and the brand is likely to close a number of underperforming units as a result of the financial restructuring.&nbsp;“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,” said CEO Jim Hyatt in a statement. “Throughout this process we will continue to deliver the same innovative, California-inspired cuisine that we have been serving for over 35 years.”<a href="https://la.eater.com/2020/7/30/21348457/california-pizza-kitchen-bankruptcy-covid-coronavirus-pandemic-closing-news?utm_source=1851franchise.com&utm_medium=article&utm_campaign=california-pizza-kitchen-files-for-bankruptcy-2713631" target="_blank" rel="nofollow">Read more at la.eater.com</a>.

California Pizza Kitchen Files for Bankruptcy

1851 Franchise

At least some of the franchise’s locations will remain open as the business undergoes financial restructuring.

california-pizza-kitchen-files-for-bankruptcy

BooXkeeping

From Ice Cream to Income Streams: How Greg Cox Found His Sweet Spot with BooXkeeping

from-ice-cream-to-income-streams-how-greg-cox-found-his-sweet-spot-with-booxkeeping

Children's Lighthouse

Children’s Lighthouse Named Among America’s Best in Customer Service by Newsweek

childrens-lighthouse-named-among-americas-best-in-customer-service-by-newsweek

KLA Schools

How KLA Schools Is Redefining Early Childhood Education Through a Hands-On, Academically-Rich Approach

how-kla-schools-is-redefining-early-childhood-education-through-a-hands-on-academically-rich-approach

Why Tennessee Is a Strategic Growth Market for Children’s Lighthouse

why-tennessee-is-a-strategic-growth-market-for-childrens-lighthouse

Comfort Keepers

Comfort Keepers Eyes Salt Lake City for Expansion: Meeting the Rising Demand for In-Home Senior Care in Utah

comfort-keepers-eyes-salt-lake-city-for-expansion-meeting-the-rising-demand-for-in-home-senior-care-in-utah

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

McDonald’s Launches New Extra Value Meals as Consumer Demand for Value Continues to Climb

mcdonalds-launches-extra-value-meals

Power Eats: Smoothie King Rolls Out Food Nationwide To Fuel Franchise Growth

smoothie-king-food-menu-power-eats

Keurig Dr Pepper Splits in $18 Billion JDE Peet’s Deal, Creating Global Coffee Giant

keurig-dr-pepper-splits-in-18-billion-jde-peets-deal-creating-global-coffee-giant

McDonald’s Rolls Out Major Value Push To Win Back Customers Amid Inflation

mcdonalds-rolls-out-major-value-push-to-win-back-customers-amid-inflation

Photo of Paris Baguette pastries and beverages 

Paris Baguette Celebrates 250th Café Opening in Frederick, Maryland, Accelerating Expansion and Reviving the Neighborhood Bakery Café

paris-baguette-250th-north-america-cafe

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores - Agg - 1851 Franchise

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores

hooters-franchise-model-company-owned-closures

Wendy's CEO Kirk Tanner Steps Down - Breaking News - 1851 Franchise

Wendy’s CEO Kirk Tanner Steps Down Amid Challenges, Leaving Franchisees Facing Uncertainty

wendys-ceo-transition-kirk-tanner-franchisee-uncertainty

Planet Fitness Franchisees Donate $100K to Support Texas Flood Relief - 1851 Franchise

Planet Fitness Franchisees Donate $100K To Support Texas Flood Relief

planet-fitness-texas-flood-relief

graphic image of a franchisee spotligh aman kaur of voodoo brewing

How This Trio of Friends Is Brewing Up Community With Voodoo Brewing Co. in Prosper, Texas

voodoo-brewing-franchisee-aman-kaur-prosper-texas

Franchise Deep Dive graphic with i9 Sports logo

i9 Sports Franchise Costs, Fees, Profit and Data for 2025

i9-sports-franchise-cost-fees-profit

Hely and Hiral Patel Bring Their Longtime Dream to Life With The Brass Tap

brass-tap-franchise-pasadena-maryland-hely-hiral-patel

Franchisee spotlight graphic with photo of Ricki Oberoi and Layne's Chicken Fingers logo

Multi-Unit Wendy’s Operator Signs 12-Unit Deal With Layne’s Chicken Fingers

ricki-oberoi-laynes-chicken-fingers-growth

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise

How Vishal Juneja Turned a Family Tradition Into a Paris Baguette Franchise Built on Heart and Community

paris-baguette-franchise-rockaway-new-jersey-vishal-junjea

California Pizza Kitchen Files for Bankruptcy

MORE STORIES LIKE THIS