"Our team of world-class chefs has created something special, and we can’t wait to see what our guests think."įor CPK guests who spend less than $50 and would still like to take home a Take & Bake pizza, the new Two Meal Deal is available for only $8, with the purchase of any entree. To give new and existing guests an opportunity to try it out, we’re excited to give away 20,000 delicious Take & Bake pizzas," said Jim Hyatt, CEO of California Pizza Kitchen. "Our guests are just as passionate about hot and fresh pizza as we are, but some guests may not be aware that we also offer the best take-home pizza experience. Ready to eat in just seven minutes from start to finish, it’s the perfect meal solution for anyone seeking a fresh-out-of-YOUR-oven pizza that maintains the incomparable taste of a hot, restaurant-fresh, oven-baked pizza. Sign up here.California Pizza Kitchen’s celebrated Take & Bake pizzas are made using the same superior ingredients that are used to create all of the pizzas served in-house, while giving guests the opportunity to become CPK chefs in their own kitchen. Become a Restaurant Business member today and unlock exclusive benefits, including unlimited access to all of our content. Members help make our journalism possible.
“This agreement from our lenders demonstrates their commitment to CPK’s viability as an ongoing business.” “Today’s announcement is a step towards a stronger future for California Pizza Kitchen,” Hyatt said in a statement. He said sales were still down 40% during the last week of June, and that cash flow was negative $18.9 million between March and June, even as the company didn’t pay any rent or interest on its loans. “The COVID-19 pandemic severely interrupted the marketing process,” Hyatt said.
The company was looking for potential buyers before the pandemic hit. The company said it has taken steps to adjust to consumer behavior, but that it also faced “a liquidity crunch” for the past two years.
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Hyatt largely blamed a series of trends in the restaurant industry for its financial problems, from the emergence of fast-casual in the early 2000s to shifts of dining to takeout and away from dine-in service, what it calls “the Amazon/Netflix effect,” along with third-party delivery.īut it also says the coronavirus exacerbated its problems. “For many restaurants, the COVID-19 pandemic will be the greatest challenge they will ever face.” “No restaurateur in the world … has been unaffected by the COVID-19 pandemic,” Hyatt said in his filing. But Hyatt in his filing said CPK plans to use the time to reach a deal with remaining lenders and negotiate with its landlords “to rationalize” its footprint. Not all of the company’s lenders support the deal, however. That would also shave $230 million from California Pizza Kitchen’s debt.
The company has negotiated a deal with some of its lenders to provide $47 million of financing to get through the bankruptcy process. It also acknowledged receiving numerous default notices from landlords and faced lawsuits over unpaid rent. Yet the company has just $13.5 million in cash on hand and four months of unpaid rent for “the majority of its locations.”
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