NPC International, the largest U.S. franchisee of Yum Brands’ Pizza Hut, filed for Chapter 11 bankruptcy.
The company operates more than 1,200 Pizza Huts and nearly 400 Wendy’s restaurants.
In a note published Tuesday before the bankruptcy filing, Cowen analyst Andrew Charles estimated that Pizza Hut’s owner, Yum Brands, could lose up to $54.2 million of annualized royalty revenue.
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