The 35-year-old pizza chain filed for Chapter 11 Thursday, explaining that the process will help it"reduce its long-term debt load, and quickly emerge from bankruptcy as a much stronger company." It warned that it will close unprofitable locations, but didn't say how many of its 200 global restaurants will be affected.
The temporary closure of indoor dining has also been brutal for the company, because on-premise dining makes up 80% of its sales, the company said in a filing. Revenues are currently down 40% compared to the same time a year ago, it said. Read MoreRestaurants, in particular casual chains like CPK, have been struggling in recent few months.
... as the Left rejoices
They have the Democrats to Thank. Open Business already
Trump's Virus has struck again!
Local pizza is better
Nice job CNN... You did it!
Vote red before the democrats bankrupt every one and every thing. Open America and shut down the racist Democratic party
It’s disgusting anyways.
❤️😔
That's life Good riddance! 😝
profkeithdevlin Salt suppliers are thusly the next to file chain reaction bankruptcy.
Miss California and good pizza. But will not miss California Pizza Kitchen.
loves when businesses go bankrupt because they’re funded by people who fundamentally hate capitalism.
Rough week for pizza.
And cnn and leftists celebrate