According to the company, remaining CPK restaurants will continue to operate throughout the restructuring process. Gift card and reward points will still be valid and retain their value.
"Today’s announcement is a step towards a stronger future for California Pizza Kitchen," Hyatt said in a statement.
“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," he continued. "Throughout this process we will continue to deliver the same innovative, California-inspired cuisine that we have been serving for over 35 years."
There are currently over 200 CPK locations in eight countries and U.S. territories, according to the company.
CPK joins many other food chains in filing for bankruptcy amid the coronavirus crisis, including Chuck E. Cheese’s parent company CEC Entertainment and fast-casual bakery chain Le Pain Quotidien.
CEC Entertainment voluntarily filed for Chapter 11 bankruptcy in late June, with CEO David McKillips saying in a release that the process will allow the brand “to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our Company's history."
Le Pain Quotidien announced it would close all 98 of its U.S. locations after filing for Chapter 11 bankruptcy protection in May, though at least 35 stores will potentially be reopened at a future date thanks to a partial buyout by Aurify Brands.
Large franchisees such as NPC International, which operates 49 IHOP locations, and NPC International, a company that oversees more than 1,200 Pizza Huts and nearly 400 Wendy’s restaurants, have also filed for Chapter 11 protection in the wake of the pandemic.
However, some restaurant chains have shuttered permanently due to the COVID-19 crisis. Popular West Coast eatery Souplantation — also known as Sweet Tomatoes outside of Southern California — announced in May that it will not be reopening its doors after all of its locations were temporarily shut down at the start of the coronavirus outbreak.
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