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Papa Johns is closing 300 locations (www.cnn.com)
submitted 8 months ago by to c/economics@lemmy.world
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Papa Johns is the latest pizza chain to close hundreds of locations following a tough quarter as customers pull back on spending.

The company revealed during Thursday’s earnings call that approximately 300 underperforming restaurants in North America will close by the end of 2027, with about 200 of them shuttering this year.

The affected restaurants are those “not meeting brand expectations or lack a clear path to sustainable financial improvement, as well as locations where we can effectively transfer sales to a nearby restaurant,” said Ravi Thanawala, Papa Johns chief financial officer and president of the chain’s North America operations.

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[–] 2 points 8 months ago

Likely. A lot of consumer facing companies have issued warnings that working and middle class spending is cratering because people don't have money to spend. I won't be surprised if a lot of fast food restaurants go under or at least shrink considerably due to a collapse in market demand.

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