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A major restaurant franchisee is preparing to fill his crust with hundreds of Pizza Hut and Wendy restaurants he plans to buy from their bankrupt owner.
NPC International has agreed to sell all of its approximately 925 Pizza Hut restaurants and approximately 225 of its 383 Wendy’s restaurants to Flynn Restaurant Group. The remainder of the Wendy’s locations it owns will be sold to Wendy’s International under a pair of contracts worth a combined $ 801 million, NPC said Thursday.
Flynn is the largest restaurant franchise in the United States, operating 460 Applebee’s, 282 Taco Bell, 134 Panera Bread, and 369 Arby’s.
NPC International has agreed to sell all of its approximately 925 Pizza Hut restaurants and approximately 225 of its 383 Wendy’s restaurants to Flynn Restaurant Group. (Patrick T. Fallon / Bloomberg via Getty Images)
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The deals, which are still awaiting a judge’s approval, would see Flynn operate more than 2,350 restaurants with 70,000 employees and $ 3.5 billion in sales, while allowing NPC to complete its Chapter 11 restructuring.
“Flynn Restaurant Group has grown our business over the past 20 years focusing on managing superior operations with large teams of people in premier restaurant concepts,” said Greg Flynn, Founder, President and CEO of the company, in a written statement. “The Pizza Hut and Wendy’s restaurants that we have agreed to acquire from NPC align perfectly with this strategy, and we are confident that the new members of our team will fit in perfectly with Flynn Restaurant Group.
Buyers will offer jobs to all restaurant employees. Wendy’s International will make the locations it acquires available to five of its current franchisees.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| MAGNIFYING GLASS | THE COMPANY OF WENDY | 21.65 | +0.54 | + 2.54% |
Carl Hauch, president and CEO of NPC’s Wendy’s division, called the agreements “excellent results.”
“We are very pleased that our restaurants are joining the ranks of the well-established and successful restaurant franchise groups,” he said in a written statement.
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NPC, the largest Pizza Hut and Wendy’s franchisee and the second-largest restaurant franchisee in the United States, filed for bankruptcy protection last summer after defaulting on interest payments on 800 loans. million dollars in January, even before the coronavirus pandemic disrupted the restaurant industry. .
Wendy’s will make the locations it acquires available to five of its current franchisees. (iStock)
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The bankrupt franchisee said in November it was in talks with Flynn to sell all of its restaurants for up to $ 816 million.
A federal bankruptcy judge will consider the proposed offers at a hearing on January 15. Pending the judge’s approval, the companies aim to complete the transaction by the second quarter of the year.
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