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Note from the publisher: A previous version of this story has been published with a title involving the California Pizza cooking, but to clarify, this is not the case. The company has entered the ETNT! For clarification.

Pizza California Cuisine seeing hisSales drop 77% At the end of March, the country's restaurants wereforced to close their doors Earlier this year in the middle of COVID-19 hatch. The difficulty pizza chain filed for the bankruptcy of Chapter 11 in July, joining a long list ofMain catering chains that have deposited for bankruptcy during the pandemic.

An auction to sell the assets of the company was canceled in early October after having "no qualified bidder", according toNews from the Nation's restaurant (NRN). Before the bankruptcy and the pandemic took their toll on the pizza chain, the California Pizza Cuisine had already reached 61 on a potential sale, four of whom sent "indications of interest and / or proposals". (This pizza chain is not the only one with overwhelming news this year, here's9 restaurant chains that have closed hundreds of locations this summer.)

CPK told NRN that this had anticipated the possibility of canceling the auction. "It was always a potential scenario we had planned and remains on track to leave the process of chapter 11 on an accelerated chronology," said the company. "In addition, our liquidity position is strong and we focus on our strong business dynamics, which includes continuing to open new locations around the world."

But the sale of the company was one of two proposed restructuring option proposals, according toFSR magazine. The other was a compromise with lenders. Nearly $ 50 million new money loans were accepted by lenders in a restructuring agreement, the reported outlet.

There is no word about what will happen to more than 200 restaurant sites. At the time of bankruptcy, CEO Jim Hyatt said the company expects to become stronger than ever.

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