The Largest Pizza Hut Franchisee in the US Negotiates with Creditors Amid Bankruptcy Threat
[Asia Economy Reporter Kiho Sung] NPC International, a U.S. company managing about 6% of Pizza Hut stores worldwide, is negotiating with creditors while leaving open the possibility of filing for bankruptcy protection.
U.S. media reported this on the 20th, citing sources.
NPC International currently operates as a multi-unit franchisee with approximately 1,200 Pizza Hut franchises and 390 Wendy's franchises in the United States.
NPC International began experiencing financial difficulties due to rising labor costs, increased food ingredient prices, and intensified competition, eventually declaring default on approximately $800 million (about 960 billion KRW) in debt earlier this year.
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Credit rating agency Moody's downgraded NPC International's credit rating three notches from 'Caa1' to 'Ca' the day before.
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