"These actions, alongside recent changes to our organizational structure to drive efficiencies, provide a strong foundation for our future. - Todd Penegor, President and CEO, describing the company's response to financial challenges through store closures and organizational restructuring."
"Optimizing our restaurant portfolio and strategically closing underperforming restaurants are among the most impactful actions we can take to improve restau - Ravi Thanawala, CFO, explaining the rationale behind the closure strategy as a key measure to enhance overall restaurant performance."
Papa Johns announced plans to close 300 stores nationwide by 2027 as part of cost-saving measures following a challenging fourth quarter. The company reported a 6% revenue decline to $498 million and net income dropped to $9 million from $15 million year-over-year. In addition to store closures, the company will reduce corporate staff by 7%. North America same-store sales declined 2%, primarily from company-owned locations. Papa Johns plans to accelerate its re-franchising program to reduce company-owned stores to a mid-single digit percentage. The Santa Rosa location in California appears to have already closed. The company had approximately 3,500 locations at the end of 2025.
#restaurant-industry-consolidation #store-closures #financial-performance-decline #corporate-restructuring #pizza-delivery-chains
Read at The Mercury News
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