EYM Group that’s one of the largest Pizza Hut franchisee in the Texas and other neigbouring areas has traded lawsuits with its franchisor and closed 15 restaurants has filed for bankruptcy in Texas.
EYM Pizza operates close to140 locations in Indiana, Illinois, Georgia, Wisconsin and Texas has filed for Chapter 11 debt protection in a handful of filings in Texas on Monday, reported Restaurant Business Online.
According to reports, Pizza Hut sued EYM, seeking to terminate its franchise agreement over underperformance and not paying its royalties on time.
Started by Eduardo Diaz, a former president of McDonald’s Mexico, in 2015 EYM Group started purchasing Pizza Huts in several deals in various states.
According to the report, EYM owes Pizza Hut more than $2 million and $21 million to Manufacturers Bank. The franchisee is being sued by Pizza Hut but blames the parent company for its financial woes, saying that the chain hasn't updated its menus or app to help it compete in the market.
EVM also operate Denny’s, Pizza Hut, KFC, and Panera Bread restaurants in locations.
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