LaVan Hawkins to sell Pizza Huts to Yum

March 16, 2003

DETROIT -- Pizza Hut franchisee LaVan Hawkins, who owns Wolverine Pizza L.L.C., said he has an agreement to sell his company's 89 Pizza Hut units in Michigan to Yum! Brands. The company is based in Louisville, Ky., and is the parent company of Pizza Hut.

According to Crain's Business Detroit, Hawkins said the sale of the restaurants is scheduled to close March 31. He would not disclose the price, but one expert estimated it at $75 million to $100 million.

As part of closing that sale, Wolverine has asked some creditors to accept 10 cents on the dollar in a settlement of money owed.

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