An emergency board meeting was called, Hipp and Jenneman were fired, and Flax and Rosenfield resumed control of CPK. Rosenfield investigated the numbers and discovered the positive earnings numbers Hipp had been touting were masking difficult quarters ahead. In a March 25, 2003, press release, CPK cut its first-quarter earnings estimates, which were not consistent with the forecast made just a few weeks earlier. In early 2003, CPK reported a 16% increase in profits, with Hipp telling analysts that CPK was in excellent financial condition. Flax and Rosenfield remained on the board, but had no day-to-day control. The expansion was to be carried out by former Brinker International Vice President Tom Jenneman, under the title of chief development officer. Veteran restaurant executive Fred Hipp was hired to run CPK with an aggressive expansion plan, including 18 new stores in 2002, 22 in 2003, and 28 in 2004. In 1997, the private equity firm Bruckmann, Rosser, Sherrill & Company bought out PepsiCo's two-thirds stake with the intention of taking CPK public in 2000, pushing for expansion to resume. PepsiCo executives had started cutting corners by replacing fresh ingredients with frozen vegetables and cheese, a change Flax and Rosenfield later reversed. PepsiCo had invested tens of millions of dollars and quickly slowed expansion, and moved to cut costs. This rapid expansion plan was a disaster. CPK opened 15 stores in 1993, and then 28 more in the following year. At the time, this was thought to be more than CPK was worth, and PepsiCo pushed to expand faster. In 1992, PepsiCo paid nearly $100 million for 67% of the chain, with Flax and Rosenfield each receiving $17.5 million. įlax and Rosenfield served as co-CEO and co-Chairmen of CPK from 1985 through to 1996. CPK became an immediate success, and the company expanded throughout Southern California. The first menu, including the famous BBQ Chicken Pizza, was developed by Ed LaDou, then the pizza chef at Wolfgang Puck's Spago restaurant. In 1985, Flax and Rosenfield pooled $200,000 in bank loans and savings along with $350,000 invested from friends to lease space on Beverly Drive in Beverly Hills, California.
#CALIFORNIA PIZZA KITCHEN LICENSE#
The license was assigned to Nestlé after it purchased Kraft's pizza lines in 2010. The brand was originally licensed to Kraft in 1999. states and 10 other countries, including 15 California Pizza Kitchen nontraditional, franchise concepts designed for airports, universities, and stadiums.ĬPK's brand is licensed to a line of hand-tossed style, crispy thin crust, gluten-free crust, and small frozen pizzas for sale in supermarkets.
The chain has over 250 locations in 32 U.S. They have an extensive children's menu for children ages 10 and under which includes a variety of different pizzas, pastas, salad, and chicken.
They also serve various kinds of pasta, salads, soups, sandwiches, and desserts. The California Pizza Kitchen chain is widely known for its innovative and nontraditional pizzas, such as the "Original BBQ Chicken Pizza", Thai Chicken, and Jamaican Jerk Chicken pizzas. A California Pizza Kitchen location at Westfield Garden State Plaza in Paramus, New Jersey
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