By Free Republic | Created at 2024-09-27 02:46:08 | Updated at 2024-10-01 01:37:00
3 days ago
Bankrupt Pizza Hut franchisee plans to sell all 127 stores
National Restaurant News ^ | September 25, 2024 | Alicia Kelso
Posted on 09/26/2024 7:17:24 PM PDT by Red Badger
EYM Pizza L.P., a Pizza Hut franchisee that filed for bankruptcy in July, is selling all 127 of its stores in Illinois, Indiana, Georgia, South Carolina, and Wisconsin, as part of a financial restructuring process.
EYM engaged M&A advisory and brokerage firm National Franchise Sales to facilitate the sale, including assistance in the asset recovery process to maximize recovery for creditors. EYM’s bankruptcy filing listed two creditors: Manufacturers Bank, which it owes more than $21 million, and Pizza Hut itself, which is owed just under $2.25 million.
“National Franchise Sales is dedicated to navigating this challenging period with EYM Pizza L.P. and its affiliates. Our goal is to ensure a smooth transition and maximize value for all parties impacted by this process,” NFS Asset Recovery Team lead advisor Alan Gallup said in a statement.
EYM’s bankruptcy came after Pizza Hut sued the franchisee for not paying royalties on time even after a forbearance period was granted. EYM had previously sued Pizza Hut for breach of fiduciary duty, among other claims, but the case was dismissed, opening the way for Pizza Hut’s own lawsuit.
In August, EYM Pizza’s sibling company EYM Chicken abruptly closed about 25 KFC restaurants in various markets in Illinois, Indiana, and Wisconsin. Both are owned by EYM Group, which also franchises Denny’s and Panera locations. Those KFC stores will remain closed until the locations have new owners.
TOPICS: Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: bankruptcy; eymgroup; food; franchise; pizzahut
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1 posted on 09/26/2024 7:17:24 PM PDT by Red Badger
To: Red Badger
I haven’t ordered anything from Pizza Hut in about three years now. It’s just too expensive.
2 posted on 09/26/2024 7:21:38 PM PDT by ducttape45 (Jeremiah 17:9, "The heart is deceitful above all things, and desperately wicked: who can know it?")
To: ducttape45
So, it’s your fault!.................😁
3 posted on 09/26/2024 7:25:14 PM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
To: Red Badger
There used to be a location in Dallas where they sold Pizza Hut, Taco Bell and KFC in the same store. The local Taco Bell sold Pizza Hut personal pan pizza, but not the full menu, for several years, but the automatic pizza oven was gone before Covid.
4 posted on 09/26/2024 7:34:04 PM PDT by PAR35
To: Red Badger
Interesting way of looking at it! HAHAHA
5 posted on 09/26/2024 7:38:11 PM PDT by ducttape45 (Jeremiah 17:9, "The heart is deceitful above all things, and desperately wicked: who can know it?")
To: Red Badger
Prepared food too expensive. Pizza Hut low quality.
6 posted on 09/26/2024 7:38:59 PM PDT by xxqqzz
To: Red Badger
I used to love their pizza.
But then they went full-on queer.
Haven’t had a Pizza Hut pizza since they embraced queerness.
7 posted on 09/26/2024 7:40:27 PM PDT by Theo (FReeping since 1997 ... drain the swamp.)
To: ducttape45
There’s a Pizza Hut down the street from our house. Take-Out or delivery only. We haven’t had one of their pizzas in years. Little Caesar’s is our go-to pizza..........
8 posted on 09/26/2024 7:43:15 PM PDT by Red Badger (Homeless veterans camp in the streets while illegals are put up in 5 Star hotels....................)
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