Gene Bicknell opened a Pizza Hut franchise in 1962 in Pittsburg, Kansas. He formed National Pizza Company and began adding more locations. In 1994, the company was renamed NPC International and today owns 1,600 Pizza Huts and Wendy's. Sales are declining and NPC has a debt of $1 billion.

NPC, world's largest Pizza Hut and Wendy's franchisee, is considering bankruptcy. Is the restaurant franchise model broken?