California Pizza Kitchen co-founders recount rise, bankruptcy and new ownership
Co-founders Rick Rosenfield and Larry Flax discussed CPK’s growth, its 2020 Chapter 11 filing and the recent sale to Consortium Brand Partners.
Rick Rosenfield and Larry Flax left legal careers to open a single California Pizza Kitchen restaurant on South Beverly Drive in 1985, quickly attracting celebrity patronage such as Shirley MacLaine and driving demand for their signature BBQ chicken pizza. Their real-estate strategy placed CPK in upscale shopping malls, helping the concept spread to more than 200 locations worldwide before a 2011 sale to Golden Gate Capital for $470 million.
The private-equity firm’s management, according to the founders, eroded the brand’s culture, contributing to a Chapter 11 filing on July 30 2020 amid the pandemic. CPK restructured and exited bankruptcy in November 2020, and in December 2025 Consortium Brand Partners acquired the chain for just under $300 million. Rosenfield, who still dines at CPK regularly, praised the new owners for aiming to restore and expand the brand’s legacy.
Why it matters
The story shows how ownership changes can reshape a well-known restaurant brand and affect its future growth.
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