Path clears for bankrupt franchisee to sell its Pizza Hut restaurants
A lawyer for Plano-based Pizza Hut says it expects to sign a consent agreement soon.
When NPC filed for bankruptcy last year, it operated more than 1,200 Pizza Hut locations and nearly 400 Wendy’s Co. restaurants.(Pizza Hut)
Restaurant franchisee NPC International Inc. has settled all the major disputes that had threatened to hold up a plan to sell its Pizza Hut locations to Flynn Restaurant Group, lawyers told a federal bankruptcy judge Friday.
Pizza Hut attorney Charles Gibbs said during a video court hearing that the company expects to sign a so-called consent agreement in the next few days with Flynn, allowing the restaurateur to close a deal to buy NPC’s operations of the chain. When NPC filed for bankruptcy last year, it operated more than 1,200 Pizza Hut locations and nearly 400 Wendy’s Co. restaurants.
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Amid the COVID-19 crisis, the global market for Food Service Industry estimated at US$3.5 Trillion in the year 2020, is projected to reach a revised size of US$4.2 Trillion by 2027, growing at a CAGR of 2.7% over the analysis period 2020-2027. Conventional Food Service, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$1.7 Trillion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Centralized Food Service segment is readjusted to a revised 2.2% CAGR for the next 7-year period.