<p><span style="font-weight: 400;">According to <a href="https://www.cnn.com/2020/08/17/business/pizza-hut-closures-npc-international/index.html">CNN</a>, Pizza Hut will close 300 of its restaurants following bankruptcy. </span></p>
<p><span style="font-weight: 400;">It was announced on Monday that Pizza Hut’s owner, Yum! Brands will close a quarter of its restaurants and sell the remaining locations.</span></p>
<p><span style="font-weight: 400;">“NPC International, which</span><a href="https://www.cnn.com/2020/07/01/business/npc-international-pizza-hut-bankruptcy/index.html"> <span style="font-weight: 400;">filed for Chapter 11 in July</span></a><span style="font-weight: 400;">, announced an agreement Monday with Pizza Hut&#8217;s owner Yum! Brands (</span><a href="https://money.cnn.com/quote/quote.html?symb=YUM&;source=story_quote_link"><span style="font-weight: 400;">YUM</span></a><span style="font-weight: 400;">)to close roughly a quarter of its restaurants and sell the remaining locations. Specific restaurants and timing have not yet been determined, but NPC said a &#8220;substantial majority&#8221; of affected locations have dining rooms.”</span></p>
<p><span style="font-weight: 400;"><a href="https://dev.theshaderoom.com/?s=coronavirus&;post_type=post">Coronavirus</a> shutdowns, nearly $1 billion debt, and rising labor and food costs are said to have contributed to the filing of bankruptcy.</span></p>
<p><span style="font-weight: 400;">“The agreement provides NPC with &#8220;flexibility to explore options for achieving a value maximizing outcome as it seeks to finalize the terms of a comprehensive financial restructuring and emerge from Chapter 11,&#8221; it said in a release. A perfect storm of coronavirus-related shutdowns, a massive debt burden of nearly $1 billion and rising labor and food costs tipped NPC into bankruptcy.”Pizza Hut stated the 300 locations &#8220;significantly underperform&#8221; compared to other NPC locations. CNN also reports that they will help employees find jobs at other Pizza Hut restaurants.</span></p>
<p><span style="font-weight: 400;">The chain has shifted away from opening and operating restaurants with dining rooms. Instead, it is encouraging customers to order pick-up through its website or third-party apps.</span></p>
<p><span style="font-weight: 400;">As the company works to shift their model from dine-in, they’ve encouraged customers to stick with carryout and order through a third-party app.</span></p>
<p><span style="font-weight: 400;">NPC&#8217;s 1,227 Pizza Hut locations account for 20% of the chain&#8217;s 7,000 US locations, according to CNN.</span></p>
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