More Than 150 Shuttered Pizza Hut Locations Are Being Sold After The Restaurant Operator Filed For Bankruptcy
In August, it was announced that up to 300 Pizza Hut locations were set to close following the news that the chain's largest operator, NPC International, filed for bankruptcy.
It was also said in August that NPC International's Pizza Hut system would be put up for sale, and now, Nation's Restaurant News confirms that about 163 Pizza Hut locations are being put on the market. This move was made as part of NPC International's bankruptcy restructuring.
The closed down Pizza Hut locations are located across 26 states, and bids for the locations are due by October 23 to A&G Real Estate Partners (the firm handling the auction). In response to their bankruptcy filing earlier in the summer, NPC International began selling some of its Pizza Hut businesses, including closing around 300 restaurants. As of now, no Wendy's locations have been closed down in relation to this situation; NPC operates about 400 Wendy's locations as well.
The restaurants on the market range in size from 1,000-square-foot takeout and delivery-only locations to 6,000-square-feet full service restaurants. A&G Real Estate Partners hopes this array of restaurant locations and sizes will entice other businesses to make bids amid the uncertainty of the ongoing COVID-19 pandemic. A&G Senior Managing Director Joseph McKeska said in a statement reported by Nation's Restaurant News:
With attractive rents and more than 80 percent of the leases offering extended option terms, these sites provide compelling opportunities for established and start-up foodservice and other retail operators seeking to expand in desirable suburban, urban and exurban markets across the U.S.
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