Beloved pizza chain to close up to 50 locations to cut losses

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleThe targeted group of underperforming restaurants cost the parent company more than $10 million in combined losses over the last year (PA)MTY Group, the parent company of Cold Stone Creamery and Wetzel’s Pretzels, plans to close 68 corporate-owned restaurants over the next nine months. The majority of these closures, specifically 45 to 50 units, will be underperforming Papa Murphy’s pizza locations that MTY acquired two years ago. These targeted restaurants collectively lost more than $10 million over the last year, prompting the decision to reduce financial losses and improve the corporate store portfolio. MTY President and CEO Eric Lefebvre stated that the closures are a long-term action to focus resources on locations and brands with stronger return potential. The restructuring process will begin immediately, with the first wave of closures scheduled for the week of July 13, and MTY has indicated that more closures or sales are possible in the future. In fullPopular pizza chain to close 50 underperforming stores after huge lossesMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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