California Pizza Kitchen files for bankruptcy

Pizza at the California Pizza Kitchen.
(Image credit: Frazer Harrison/Getty Images)

California Pizza Kitchen on Thursday filed for bankruptcy, with the restaurant chain saying it plans on closing some of its roughly 200 locations.

Founded in 1985, the company started looking for buyers last fall, and the search is still on. Now, California Pizza Kitchen is being kept afloat thanks to a $47 million loan from a group of lenders, which will fund operations through the bankruptcy proceedings, The Wall Street Journal reports.

"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," CEO Jim Hyatt said in a statement. California Pizza Kitchen is based in Los Angeles, and has restaurants in the United States, United Arab Emirates, India, South Korea, Singapore, the Philippines, Mexico, Japan, and Hong Kong.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Continue reading for free

We hope you're enjoying The Week's refreshingly open-minded journalism.

Subscribed to The Week? Register your account with the same email as your subscription.

Catherine Garcia

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.