The popular restaurant chain closed a net total of 85 locations in its 2024 fiscal year.
by Kirk O’Neil
The Street
Restaurant chains have faced financial distress this year related to several factors, such as rising food prices caused by inflation, increased interest rates, and changes in consumer spending habits.
The harsh economic impact on restaurants has led several to close locations and sometimes file for bankruptcy.
[…] Struggling Pizza Hut operator EYM Pizza, which operates franchise locations in Illinois, Indiana, Ohio, Texas, and Wisconsin, filed its Chapter 11 petition in the U.S. Bankruptcy Court for the Eastern District of Texas on July 22 and hired brokerage National Franchise Sales to sell its 127 restaurants through its bankruptcy case.
The Irving, Texas-based pizza franchisee had been sued by Yum Brands’ (YUM) Pizza Hut after it stopped paying royalties when a forbearance period with its parent company ended.