One of the nation's most popular pizzeria chains filed for bankruptcy Thursday, blaming the coronavirus pandemic for its financial struggles. California Pizza Kitchen said it will continue operating as usual while working through a Chapter 11 restructuring plan aimed at reducing its debt by $230 million.
The pizzeria hinted in its filing that it will close some of its 200-plus locations, though it expects to exit bankruptcy in less than three months. CEO Jim Hyatt said in a statement that declaring bankruptcy now will create "a stronger future for California Pizza Kitchen." CBS NEWS
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