Yum Brands' Pizza Hut will close up to 300 locations after the pizza chain struck an agreement with its largest U.S. franchisee, NPC International, which filed for Chapter 11 bankruptcy last month.
in early July after struggling with its debt burden of roughly $1 billion.
"In the event NPC executes a sale of its Pizza Hut business, Pizza Hut's focus would be to ensure that new ownership brings to NPC's Pizza Hut restaurants a strong capital structure, healthy balance sheet, commitment to operational excellence, and a growth mindset," a Pizza Hut spokesperson said in a statement to CNBC.The closing Pizza Huts underperform the rest of the chain's locations, and the majority are expected to be dine-in locations.
Employees at shuttered Pizza Hut restaurants operated by NPC will be moved to better-performing locations, if possible, according to Pizza Hut's statement. NPC has not made final determinations as to which locations will close or the timing of the closures.
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