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July 30, 2020, 9:18 a.m. EDT

California Pizza Kitchen files for bankruptcy, plans exit in less than 3 months

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By Tomi Kilgore

California Pizza Kitchen said Thursday that it has filed for bankruptcy, as the restaurant chain looks to close unprofitable locations and reduce its long-term debt load, and emerge from bankruptcy in under three months. The company said it has entered into a restructuring support agreement with lenders to equitize the vast majority of its long-term debt. The agreement includes contemplating $46.8 million in debtor-in-possession financing, which will allow the company's restaurants to continue operating, and for the continued payments to vendors and employees. "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," said Chief Executive Jim Hyatt. The company joins a list of companies that have gone bankrupt amid the pandemic, including Denbury Resources Inc. , J.C. Penney Co. Inc. /zigman2/quotes/204684963/composite JCPNQ -0.26% , Brooks Brothers, Ann Taylor and Loft parent Ascena Retail Group Inc. and Hertz Global Holdings Inc. /zigman2/quotes/200655672/composite HTZ 0.00% .

/zigman2/quotes/204684963/composite
US : U.S.: OTC
$ 0.27
-0.0007 -0.26%
Volume: 3.41M
Sept. 25, 2020 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$85.59 million
Rev. per Employee
$126,516
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/zigman2/quotes/200655672/composite
US : U.S.: NYSE
$ 1.21
0.00 0.00%
Volume: 6.23M
Sept. 25, 2020 4:03p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$189.01 million
Rev. per Employee
$250,105
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