Popular pizza chain files Chapter 11 bankruptcy
The pizza restaurant chain has filed for bankruptcy at multiple locations.
Major pizza chains have been closing dozens of locations over the last three years, as a result of fierce competition, financial issues, such as higher labor and food costs driven by inflation, and rising interest rates on debt.
The competition was fueled by a 1% increase in the total number of dining locations from 2023 to 2024, with a total of over 74,000 pizza restaurants operating in 2024.
