Business closures–specifically in the restaurant industry–continue to skyrocket as the coronavirus pandemic continues on throughout the United States.
According to reports from CNN Business, California Pizza Kitchen filed for Chapter 11 bankruptcy on Thursday. Unsurprisingly, the filing is due to the impact of COVID-19 closures on the pizza chain’s business, largely because the lingering ban on indoor dining across the country has prevented CPK from making money. On-premise service accounts for 80 percent of the restaurant’s sales.
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“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,” CEO Jim Hyatt said in a release.
California Pizza Kitchen says that by filing, they will “reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company.” The pizza chain has around $13 million cash on hand with nearly $47 million secured in new financing, with their financial limitations preventing them from paying rent on a majority of their locations over the last few months.
The pizza chain has attempted to rebuild sales by increasing takeout and delivery. They also directed consumers online to their CPK Market to buy groceries too. Sales recovered a bit, but it still wasn’t enough to fill the gap. According to Business Insider, they were still “more than 40% lower in late June than they were in the same period the prior year.”
Sadly, this news really shouldn’t come as a surprise. NPC International–a franchisee for over 1,200 Pizza Hut locations in the United States–filed for bankruptcy earlier this month, explaining the move was necessitated by prolonged restaurant shutdowns due to COVID-19, just like California Pizza Kitchen.
This article was originally posted on Bossip.com.
NYC Pizza Chain Reveals Jadakiss Orders Only The Crust, Twitter Asks Why?
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Jadakiss was bald for years and could grow a full hairline. I knew he couldn't be trusted https://t.co/RDFUWgVB7S— Ski Mask Shawty (@haveyouheardofg) July 16, 2019
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Bro what the fuck has jadakiss been thru pic.twitter.com/eNgpGRk7rc— 🔌 (@LUVELOVESYOU) July 16, 2019
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somebody tell jadakiss about breadsticks lmfao— "my style nastier than escargot" 🐌 (@THEJIGISUP__) July 16, 2019
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Why is Jadakiss as hard as it gets?— Villainous Mentality (@ColeyMick) July 16, 2019
Why’d he just order crust instead of sauce and baguettes? https://t.co/MkUEaUDblo
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2019 and Jadakiss has never heard of breadsticks pic.twitter.com/kA9f9PS66N— aaron (@_aaronsummers) July 16, 2019
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That nigga Jadakiss a menace to society https://t.co/fz6kJpGKTo— JAME$ (@BROOKLYNx7EVEN) July 16, 2019
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“Rats like cheese , so my pizza all crust” *jadakiss laugh* https://t.co/bqz4MAQTJy— The Marathon Continues... (@WalkLikeWalt) July 16, 2019
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Jadakiss bathtub lift up and his walls do a 360, so that he can do Hannibal shit in his dungeon. https://t.co/XpDe3OziYN— Openly 6LACK (@TheHusayn) July 16, 2019
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Jadakiss eating an all crust pizza doesn’t surprise me I knew he was different when he was fantasizing about dancing w/ this girl at the club but all he could think about was her messing up the collar to his white tee— Alphonse (@Al_Peeair) July 16, 2019
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Jadakiss need to be arrested for this bull shit 😤😤😤 pic.twitter.com/QPcPT9EDo0— 🐍🤞🏾🎰 (@izzlepbi) July 16, 2019
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someone please tell jadakiss about stromboli pic.twitter.com/dBvu8LksAx— trey (@TreyfromNY) July 16, 2019
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Jadakiss orders a CRUST ONLY pizza... mans a serial killer pic.twitter.com/Yn6alpxblp— SIX FIGURE SPOT 💰 (@FrobeBryant) July 17, 2019
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If Jadakiss says breadsticks and crust aren’t the same, they’re not the same. EHHAHHH— Cam (@ThatManCam) July 16, 2019
California Pizza Kitchen Files For Bankruptcy After Loss Of Business From COVID-19 was originally published on rickeysmileymorningshow.com