California Pizza Kitchen filed for chapter 11 bankruptcy Thursday, citing the pandemic and debt issues as the primary reasons.
“Earlier today, we announced that CPK has entered into a restructuring support agreement with our senior lenders that will equitize the vast majority of our long term debt,” CEO Jim Hyatt said in a press release.
He added that the restructuring agreement in place will enable CPK to use $47 million for the locations currently still operating.
Currently, the California Pizza Kitchen in Paseo Nuevo will remain open and operational according to the press release, which states “we do not have plans to close any additional restaurants at this time.”
A worker at the CPK in Paseo Nuevo confirmed that as far as they know, if they have not closed yet, there are no plans to close the location.