New York (CNN) Up to 300 Pizza Hut restaurants are slated to permanently close following the bankruptcy of one the chain's largest franchisees. Brands YUM NPC International, which filed for Chapter 11 in July , announced an agreement Monday with Pizza Hut's ownerto close roughly a quarter of its restaurants and sell the remaining locations. Specific restaurants and timing have not yet been determined, but NPC said a "substantial majority" of affected locations have dining rooms. Pizza Hut said Monday that the 300 US locations "significantly underperform" compared with the rest of NPC's Pizza Hut locations, and it will help employees find jobs at nearby Pizza Hut restaurants. "We have continued to work with NPC and its lenders to optimize NPC's Pizza Hut restaurant footprint and strengthen the portfolio for the future, and today's joint agreement to close up to 300 NPC Pizza Hut restaurants is an important step toward a healthier business," the pizza chain said in a statement.

Source: CNN August 17, 2020 16:41 UTC