California Pizza Kitchen Files for Bankruptcy amid Coronavirus Pandemic
Jim Hyatt, CEO of CPK, said in a
that the chain had already shuttered some of its locations prior to the filing, citing "the impact of the COVID-19 pandemic and lease related challenges with our landlords" as reasons for closure.California Pizza KitchenAccording to the company, remaining CPK restaurants will continue to operate throughout the restructuring process. Gift card and reward points will still be valid and retain their value.
There are currently over 200 CPK locations in eight countries and U.S. territories, according to the company. CPK joins many other food chains in filing for bankruptcy amid the coronavirus crisis, including Chuck E. Cheese’s parent company CEC Entertainment and fast-casual bakery chain Le Pain Quotidien.CEC Entertainment in late June, with CEO David McKillips saying in a release that the process will allow the brand “to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our Company's history.
Le Pain Quotidien announced it would close all 98 of its U.S. locations after filing for Chapter 11 bankruptcy protection in May, though at least 35 stores will potentially be reopened at a future date thanks to a partial buyout by Aurify Brands.
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