NPC International Inc., one of the largest restaurant franchisees in the U.S., is preparing to file for bankruptcy protection despite its brands reporting a bump in sales since the coronavirus pandemic, the Wall Street Journal reported. The owner of more than 1,200 Pizza Hut restaurants and 385 Wendy’s Co. stores could file for chapter 11 protection as soon as today. The franchisee missed interest payments on its nearly $800 million in loans on Jan. 31, prompting S&P Global Ratings and Moody’s Investors Service to lower their views on the company’s debt. NPC was in conversations with its lenders for a possible bankruptcy filing at that time.
