CEO Jim Hyatt said in a statement that the company has entered into a restructuring agreement, which will include a commitment for $46.8 million in new financing.
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This agreement will enable ongoing operation of California Pizza Kitchen restaurants.
During this restructuring, Hyatt says that it is still open for business and is still offering take out, delivery, third party and select dining room and patio locations.
California Pizza Kitchen is the latest on a string of businesses that have had to file for bankruptcy amid the ongoing pandemic.