By Tony Winterburn • 02 July 2020 • 8:13
The company filed for Chapter 11 on Wednesday after suffering a massive financial hit following widespread shutdowns aimed to slow the spread of coronavirus.
However, it has been revealed that the company was nearly €1 billion in debt before the shutdown while facing the costs of both labour and food rising. A spokesperson for the pizza chain said that they’d anticipated the filing, and are remaining supportive of their franchisee.
“As NPC works through this process, we support an outcome resulting in an organisation with a lower, more sustainable level of debt, ownership focus on operational excellence, and a greater level of restaurant investment,” the spokesperson said. They added that the filing would “strengthen the overall health and performance of the entire system for the long term.”
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