163 Pizza Hut restaurants up for sale after franchisee files for bankruptcy
Restaurants in 26 states are up for sale
Anybody need a pizza restaurant?
Over 150 Pizza Hut branches in 26 states are up for sale after the chain’s largest franchisee filed for Chapter 11 bankruptcy.
NPC International, Inc., is selling 163 recently closed restaurants as part of its bankruptcy restructuring, and interested shoppers should act fast. Bids are due Oct. 23, said A&G Real Estate Partners, the firm marketing the leases.
A file photo of a Pizza Hut restaurant in Munfordville, Kentucky. (Luke Sharrett/Bloomberg via Getty Images )
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According to A&G, the Pizza Huts on the market are an average size of 2,621 square feet, ranging in size from 1,000-square-foot properties exclusive to takeout and delivery, as well as full service restaurants as large as 5,916 square feet.
"With attractive rents and more than 80% of the leases offering extended option terms, these sites provide compelling opportunities for established and start-up foodservice and other retail operators seeking to expand in desirable suburban, urban and exurban markets across the U.S.,” explained A&G Senior Managing Director Joseph McKeska in a press release.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| YUM | YUM! BRANDS INC. | 141.80 | +1.69 | +1.20% |
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McKeska said that most of the restaurants for sale are freestanding locations near shopping centers and open-air centers; the others are freestanding highway locations and in-line sites.
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In related headlines, competitor Papa John’s recently unveiled plans to open 49 new franchise locations throughout the Northeast.