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.