Pizza Hut franchisee EYM Pizza LP filed for Chapter 11 bankruptcy protection on Monday.
The lawsuit in the Eastern District of Texas could result in the closure of about 140 Pizza Hut locations across the South and Midwest. according to To NRN: EYM apparently owes Manufacturers Bank more than $21 million and Pizza Hut itself just under $2.25 million.
The pizza restaurant sued EYM for failing to pay royalties on time and failed to do so even after being given a grace period until February 2023, the outlet noted in a separate article. reportThe company is owned by McDonald's Mexico president Eduardo Diaz and has been operating Pizza Hut there since 2015.
Food security is not being tracked, scientists say.
Here's why this is a big problem:https://t.co/xYlOJiMmRW
— Daily Caller (@DailyCaller) March 8, 2023
Diaz had closed more than 15 Pizza Hut locations in Ohio and Indiana before the latest lawsuit, suggesting things were already getting bad. (Related article: Biden administration predicts sharp rise in bankruptcy filings in 2023, further financial turmoil expected)
As the financial crisis gripping American families worsens, Pizza Hut joins the ranks of many other terrible chains filing for bankruptcy and collapsing, yet remains ignored by most media outlets and lawmakers.
After all, Americans don't seem to want to eat expensive plastic chunks of cheese on fake bread when they're worrying about our completely bankrupt real estate market, our economy, food prices, and the future we're building for future generations. Who would have thought that?!