Papa John’s plans to close more than 300 underperforming restaurants by the end of 2027, including about 200 locations this year, as the pizza chain works to improve performance following a difficult quarter.
The company said sales declined 5.4% during the period and announced it will lay off about 700 corporate employees, or roughly 7% of its workforce.
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Chief Executive Todd Penegor said in a statement that the company is currently undergoing a "transformation," which he is encouraged by.
“These actions, alongside recent changes to our organizational structure to drive efficiencies, provide a strong foundation for our future,” Penegor said.
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Founded in 1984, Papa John’s operates thousands of restaurants worldwide. The company has not said which locations it plans to close.
