---
title: "Post-Bankruptcy, California Pizza Kitchen Remains Open for Business"
url: https://burnaze.com/article/e0e74640-5172-4534-87cd-646ddc681cd6
source: "1851 Franchise"
original_url: https://1851franchise.com/post-bankruptcy-california-pizza-kitchen-remains-open-for-business-2714327
category: "Pizza"
industry: "Restaurants"
segment: "Pizza"
topics: ["Finance & M&A","Development & multi-unit"]
published: 2020-11-23T20:15:22.000Z
modified: 2026-11-01T02:27:33.717Z
image: https://newimage.1851franchise.com/cdn-cgi/image/quality=85,format=webp,width=1280,height=720/story/featureImage/d5705c5b87079be7f097543bc540c4f21819.jpg
---

# Post-Bankruptcy, California Pizza Kitchen Remains Open for Business

**TL;DR:** California Pizza Kitchen remains open for business after completing a restructuring process following bankruptcy in 2020. The brand has eliminated $220 million in debt through an equity transaction.

*originally published in 1851 Franchise on 2020-11-23. [Read the original](https://1851franchise.com/post-bankruptcy-california-pizza-kitchen-remains-open-for-business-2714327).*

## Story

In March 2020, when the COVID-19 crisis forced businesses across the country to shutter, restaurants were hit especially hard, and few have fully recovered. Chain and franchise businesses tend to be more resilient to economic downturns, but even some of the largest chains have suffered significant losses, including California Pizza Kitchen, which filed for bankruptcy on July 30.

But CPK fans aren’t out of luck. According to a report in Nation’s Restaurant News, the brand has completed a restructuring process, and many locations across the country remain open for businesses

“We want to thank our partners, creditors and equity holders for helping make our emergence plan so successful,” Jim Hyatt, CEO of CPK, said in a statement after an equity transaction that eliminated $220 million in the company’s debt.

“We are a stronger and healthier company as a result of the restructuring, and we look forward to delivering more of our innovative, California-inspired cuisine to our loyal CPK guest community.”

Ruby Tuesday, Sizzler and Chuck E. Cheese parent CEC Entertainment are among some of the other big-name chains that have filed for bankruptcy as national lockdowns continue to keep more than 100,000 restaurants closed around the country.

## Entities

- 1851 Franchise (publication)
- Restaurants (sector)
- bankruptcy (topic)
- California Pizza Kitchen (company)
- Ruby Tuesday (company)
- Chuck E. Cheese (company)
- Sizzler (company)
- CEC Entertainment (company)
- restructuring (topic)
- debt elimination (topic)

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Originally reported by 1851 Franchise (https://1851franchise.com/post-bankruptcy-california-pizza-kitchen-remains-open-for-business-2714327). Summarized by Burnaze (https://burnaze.com/article/e0e74640-5172-4534-87cd-646ddc681cd6).