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Pizza Hut will close 250 restaurants in the United States in the first half of this year, while parent company Yum! Brands is considering a possible sale of the chain. The company is targeting underperforming locations within the network.
Strategic review
In November, Yum! Brands began a formal evaluation of the options for Pizza Hut. The chain was struggling with outdated restaurants and increasing competition. In the United States, sales in existing locations (open for at least one year) fell by 5% last year. Pizza Hut has more than 6,000 locations there.
Outside the United States, Pizza Hut performed better: international sales in existing outlets increased by 1% last year, with growth in Asia, the Middle East, and Latin America. China is Pizza Hut’s second-largest market outside the United States, accounting for 19% of sales.
Rival Domino’s, the world’s largest pizza chain, is also doing better. The chain has not yet published its annual results, but US sales in existing outlets rose by 2.7% in the first nine months of last year.
