(CNBC) — Pizza Hut will close up to 300 locations as part of a deal between the Yum Brands chain and its largest U.S. franchisee, NPC International.
NPC will also put its remaining 927 Pizza Hut locations up for sale. The franchisee, which also operates nearly 400 Wendy’s restaurants, filed for Chapter 11 bankruptcy protection in early July after struggling with its debt burden of roughly $1 billion.
“In the event NPC executes a sale of its Pizza Hut business, Pizza Hut’s focus would be to ensure that new ownership brings to NPC’s Pizza Hut restaurants a strong capital structure, healthy balance sheet, commitment to operational excellence, and a growth mindset,” a Pizza Hut spokesperson said in a statement to CNBC.
