On The Block
Your neighborhood Pizza Hut may be for sale.
Louisville, Kentucky-based Tricon Global Restaurants Inc. is closing or refranchising more than 1,400 of its marginally performing Pizza Hut stores to dramatically refocus its business, the company recently announced.
Tricon has begun the process of closing 741 and reselling 667 of its domestic and international units. The refranchised stores are generally being sold in packages of five to 30 restaurants. "We're going to look to our existing franchisees if we're going to refranchise the stores," says Pizza Hut Inc.'s Jay Allison.
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