NPC International Reaches Agreement with Pizza Hut on Optimization of Restaurant Portfolio and Launches Sale Process for Pizza Hut Business
August 16, 2020
NPC International, Inc. ("NPC" or the "Company") today announced that it has reached an agreement with Pizza Hut, whose parent company is Yum! Brands, Inc., on the optimization of its restaurant portfolio and that it will launch a sale process for its Pizza Hut restaurants.
The agreement with Pizza Hut follows an extensive analysis that the parties conducted of its entire Pizza Hut portfolio to best position NPC's Pizza Hut business for long-term success, and has the support of the ad hoc group of NPC's first lien lenders. The agreement allows NPC to close up to 300 of its Pizza Hut restaur...