California Pizza Kitchen Files For Bankruptcy Amid Restructure

MANHATTAN BEACH, CA — California Pizza Kitchen is filing for bankruptcy as it makes a "proactive" move for future growth and success, according to CEO Jim Hyatt. CPK is filing for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas and expects to emerge in less than three months.

The CPK in Manhattan Beach is among the locations that are still open. Located in Manhattan Village, the restaurant is open for to-go or delivery. Some locations were closed before the bankruptcy filing due to the COVID-19 pandemic and "lease related challenges with our landlords. We do not have plans to close any additional restaurants at this time," said Hyatt.

"The restructuring agreement includes a commitment for $46.8 million in new financing which will enable ongoing operation of CPK restaurants," he said. "This proactive filing will allow us the ability to reduce our long term debt load and emerge as a much stronger company."

CPK gift cards and CPK Rewards® points will continue to be valid and retain their value, he noted.