Papa John's to close 300 restaurant as it moves to cut costs and boost growth
CBSN
Papa John's plans to shutter 300 of its restaurants by the end of 2027 as the struggling pizza chain moves to cut costs and close underperforming locations. Edited by Alain Sherter In:
Papa John's plans to shutter 300 of its restaurants by the end of 2027 as the struggling pizza chain moves to cut costs and close underperforming locations.
Chief Financial Officer Ravi Thanawala said in a fourth-quarter earnings call with Wall Street analysts that some of the restaurants slated to be closed are "not meeting brand expectations or lack a clear path to sustainable financial improvement." In other cases, the restaurants represent locations where Papa John's can "effectively transfer sales" to a nearby outlet, he added.
Papa John's plans to shut 200 locations by the end of this year, with the rest to be closed by the end of 2027, according to Thanawala. The pizza chain has 6,000 locations across roughly 50 countries and territories, according to its website.
The restructuring comes as Papa John's struggles to boost its domestic sales and drive growth. In February, the company reported 2025 revenues of $2.1 billion, flat compared with the previous year, along with shrinking profits.
Papa John's stock, which traded on Thursday for $31.85, has fallen 31% over the last year.
Ford Motor is recalling nearly 4.4 million vehicles over a software problem that could cause an attached trailer's tail lights, turn signals and brakes to fail. Edited by Alain Sherter In:
Washington — The Trump administration asked the Supreme Court on Thursday to allow it to end temporary deportation protections for thousands of Syrian immigrants living in the U.S.
The brother of one of the men who was killed after taking a U.S.-registered speedboat into Cuban waters and allegedly opening fire on the country's border patrol said his sibling was fixated on overthrowing Cuba's government. The Associated Press contributed to this report. In:
Pentagon officials on Wednesday night sent Anthropic their best and final offer in negotiations for use of the company's artificial intelligence technology, just ahead of a government-imposed deadline, according to sources familiar with the discussions. In:
The Justice Department announced the arrest Wednesday of a former Air Force fighter pilot who allegedly trained Chinese military personnel without authorization. In:
Meta-owned Instagram will soon alert parents if their teenage child uses the app to search for content related to suicide or self-harm, the technology company's latest effort to shore up safety features as it faces heat over how social media impacts young people. Edited by Alain Sherter In:
With President Trump's threat to attack Iran looming over the discussions, American and Iranian negotiators sat down again in Switzerland Thursday, separately, for another round of talks brokered by Oman, focusing on the Islamic Republic's nuclear program. In:
A toucan that has been seen flying around Las Vegas for months has been saved, a bird rescue group said Wednesday. In:
Washington — Former Secretary of State Hillary Clinton is set to meet with the House Oversight Committee on Thursday in New York after she agreed to answer questions under oath related to sex offender Jeffrey Epstein to fend off a contempt of Congress vote. Nikole Killion and Alan He contributed to this report.
A bipartisan duo — Republican Sen. Josh Hawley and Democratic Sen. Jeff Merkley — is teaming up on legislation that would ban large investment firms from snapping up single-family homes, a measure they say is aimed at the country's housing affordability crunch. In:
The Trump administration is blocking Venezuela's government from paying for the cost of former Venezuelan president Nicolás Maduro's defense against drug trafficking charges in New York, a move that potentially interferes with his constitutional right to counsel, his lawyer says. In:
Washington — The Pentagon gave Anthropic an ultimatum this week: Give the U.S. military unrestricted use of its AI technology or face a ban from all government contracts. In:
Minneapolis — A member of the Olympic gold medal-winning U.S. women's hockey team indicated to CBS News on Tuesday that her team's absence from President Trump's State of the Union address was due to logistical challenges and not the controversy surrounding a joke Mr. Trump made while on a video call with the U.S. men's team. In: