Pizza Hut and Wendy’s biggest franchisee are planning to sell themselves out of bankruptcy to another major franchise operator.
NPC International, which operates 1,225 pizzas and Wendy’s 385 locations, announced on Friday that Flynn Restaurant Group has agreed to buy the restaurant for $ 816 million.
Flynn Restaurant Group is the largest franchise company in the US, and it operates 451 Applebee restaurants, 282 Taco Bells, 137 Paneras, and 369 Arby locations, according to the website.
UBER EATING BUSINESS NOW TRUMPS UBER HARDWARE SALES
The NPC filed for Chapter 11 bankruptcy protection in July and said it would shut down 300 inefficient Pizza Hut and even put 163 other Pizza Hut locations for sale as part of the renewal process. bankruptcy structure.
“This is an important step in our restructuring process and we are delighted to reach this agreement with Flynn, which validates the strong value and long-term potential of our business. NPC, ”Jon Weber, CEO and President of NPC’s Pizza Hut said in a statement.
“As we continue to work through the process of selling and soliciting our property from other interested parties in accordance with the Court-approved bidding procedure, our restaurants nationwide will remain open. door, ”added Weber.
PABST PURCHASES OF CALIFORNIA VARIETIES ARE SHUTTERED FROM MOLSON-COORS
According to the notice, the deal is still subject to US Bankruptcy Court approval for the Southern County of Texas.
The Wall Street Journal reported that other companies that could offer to compete, including the Wendy’s Company, have expressed opposition to the deal because of the competition between Wendy’s and Flynn’s two brands, Panera. and Arby’s.
PANERA TESTING WINE, BEVER, HARD SELTZER IN SELECTED LOCATIONS
“We are excited about NPC’s portfolio acquisition of Pizza Hut and Wendy’s restaurants, as well as its General Services division,” said Greg Flynn, Founder, President and Chief Operating Officer. Executive Flynn Restaurant Group said in a statement. “These are big assets and iconic restaurant brands, and we are confident we can maximize the long-term value of the business as we continue to pursue our goal of becoming a leading franchise corporation. in the restaurant industry. ”
SECRET FOX BUSINESS SECURITY BY CLICK HERE
According to the announcement, a trial to pass the agreement will take place on November 13.
In the meantime, the NPC will “continue to solicit bids from other interested parties for some of its assets,” the notice said.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
A semi-hearing is scheduled for December 4.