California Pizza Kitchen Files for Bankruptcy

July 30, 2020

California Pizza Kitchen is the latest chain to file bankruptcy amidst the ongoing coronavirus pandemic as the company looks to cut its debt by $230 million and find additional funding.

CPK has been struggling for a few years now due to changes in consumer behavior and had previously been looking to either sell, or restructure the business.

Now with revenue 40% lower than 2019 levels the chain has been forced to close 46 locations and already took a $30 million loan back in March from its group of lenders.

CEO James Hyatt said of the bankruptcy filing that, “for many restaurants, the Covid-19 pandemic will be the greatest challenge they will ever face; for some, it may also be their last.”

The Beverly Hills-based company currently operates 200 restaurants around the country with several in the Bay Area.

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