Post-Bankruptcy, California Pizza Kitchen Remains Open for Business

In March 2020, when the COVID-19 crisis forced businesses across the country to shutter, restaurants were hit especially hard, and few have fully recovered. Chain and franchise businesses tend to be more resilient to economic downturns, but even some of the largest chains have suffered significant losses, including California Pizza Kitchen, which filed for bankruptcy on July 30.

But CPK fans aren’t out of luck. According to a report in Nation’s Restaurant News, the brand has completed a restructuring process, and many locations across the country remain open for businesses

“We want to thank our partners, creditors and equity holders for helping make our emergence plan so successful,” Jim Hyatt, CEO of CPK, said in a statement after an equity transaction that eliminated $220 million in the company’s debt. 

“We are a stronger and healthier company as a result of the restructuring, and we look forward to delivering more of our innovative, California-inspired cuisine to our loyal CPK guest community.”

Ruby Tuesday, Sizzler and Chuck E. Cheese parent CEC Entertainment are among some of the other big-name chains that have filed for bankruptcy as national lockdowns continue to keep more than 100,000 restaurants closed around the country.

Read the full report at nrn.com.