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California Pizza Kitchen sought Chapter 11 bankruptcy protection on Thursday, blaming "unprecedented impact" from the COVID-19 pandemic that has devastated businesses nationwide.
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The California-based company, which operates over 200 restaurants in eight countries and U.S. territories, entered into a "restructuring support agreement" with creditors in order to lower the company's debt by converting most of it into stock.
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As a result of the agreement, the company says it will close locations that are unprofitable, reduce its long-term debt load, and emerge from bankruptcy "as a much stronger company."
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"The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this from our lenders demonstrates their commitment to CPK's [Californa Pizza Kitchen] viability as an ongoing business," Californa Pizza Kitchen CEO Jim Hyatt said.