The owner of Emporia’s Pizza Hut and over 1,000 Pizza Huts across the country has entered into a purchase agreement with another restaurant franchisee.
NPC International has entered into a so-called “stalking horse” purchase agreement with Flynn Restaurant Group LP. Under the agreement, which sets the low-end bid so other prospective bidders can’t underbid the offer, Flynn would “acquire substantially all” of NPC’s assets in a court-approved sale process — meaning NPC’s 1,300-plus Pizza Hut and Wendy’s restaurants as well as NPC’s Shared Services assets for $816 million. Business Wire says Flynn is also offering employment to “substantially all” of NPC’s 30,000 workers.
NPC International entered into Chapter 11 bankruptcy back in July and subsequently reached an agreement with Pizza Hut’s owner, Yum! Brands, to close up to 300 restaurants and sell the rest. As part of its bankruptcy filing, NPC announced over $900 million in debt.
Flynn, meanwhile, runs over 1,200 Applebee’s, Arby’s, Panera and Taco Bell restaurants across America.
Emporia’s Pizza Hut had been located on West Sixth for years before moving to 2920 West 18th in 2007.
