Pizza Hut (Russia) file for bankruptcy

Moscow (hospitalitybusinessnews.com) US-based fast-food restaurant chain Pizza Hut filed for bankruptcy due to decreasing sales and increased costs.

Lawyers at WK Capital Enterprises reported that 56 restaurants of the chain in various states were unable to pay the rent for January, The Wall Street Journal reports. The intention to sell the restaurant chain has not been announced yet. WK Capital Enterprises has not provided further details.

Ex-Soviet President Mikhail Gorbachev starred in an advertising campaign for Pizza Hut in late 1990s. Gorbachev’s fee for the campaign was $160,000. The TV commercial, in which Gorbachev orders a pizza, while  all people sitting in the restaurant stand up and toast to his honor, was broadcast on TV channels internationally. Several years ago, Mikhail Gorbachev agreed to take part in the filming of a commercial for an Austrian railway group.

Pravda.Ru

Read article on the Russian version of Pravda.Ru

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