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.
California Pizza Kitchen files for bankruptcy. "For many restaurants, the Covid-19 pandemic will be the greatest challenge they will ever face; for some, it may also be their last." https://t.co/ZNu9pSzLRq
— Lisa Abramowicz (@lisaabramowicz1) July 30, 2020
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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