NPC, the largest Pizza Hut franchisee in the country, filed for chapter 11 bankruptcy on July 1. At the time of the filing, they owned 1,227 Pizza Hut locations and announced they were permanently closing 300 locations.
The North Carolina based chain K&W Cafeteria has filed for Chapter 11 bankruptcy. The brand said they experienced an 80% decline in revenue during the Covid-19 pandemic, which was exacerbated by their traditionally older customer demographic.
In our recent survey of shopping center managers across the country, we asked them which retailers had been most difficult to deal with during the Covid-19 pandemic. Unsurprisingly, 28% of the respondents told us a restaurant had been their most difficult tenant.
While it seems like big brands are filing for bankruptcy and announcing more store closures every day, Dick’s Sporting Goods is bucking the trend. They posted their best Q2 revenue and profit numbers ever, with sales jumping 20.7% year over year.
Retailsphere interviewed dozens of shopping center owners and leasing managers nationwide to gain insights into the best, and more interesting, worst tenants during the Coronavirus pandemic. Of those interviewed, 28% noted a restaurant as their most difficult tenant over the past few months.
CEC Entertainment, Chuck E. Cheese’s parent company and owner of Peter Piper Pizza, filed for Chapter 11 bankruptcy Thursday June 23rd. At the moment, the bankruptcy has not led to any closure plans, but they did cite Covid-19 and local stay-at-home orders as driving forces around the filing.
You’ve found the perfect tenant for your shopping center and are eager to start a conversation with their team. Now begins the tough part of the process - researching their brand and hunting down a contact that can actually make the decision to open a new location.
With an increasing number of unpaid leases, and a shrinking supply of cash, California Pizza Kitchen officially filed for bankruptcy on Thursday July 30. With 200 locations and more than $400 million in debt, the chain hopes to close its more unprofitable locations in an attempt to stay afloat.
We’ve reported many large retail bankruptcies and store closures over the past few months. With mandated closures across the US due to the Covid-19 pandemic, brands are shuttering amid decreased revenues, building debt, and ever increasing expenses.
Sur La Table, the well known purveyor of high end kitchen goods, has officially filed for Chapter 11 bankruptcy on Wednesday July 8. They have already announced that at least 50 of the existing 120 stores will close their doors.