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

• 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.
• The targeted restaurants collectively lost more than $10 million over the last year.
• MTY President and CEO Eric Lefebvre said 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.

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Popular pizza chain to close 50 underperforming stores after huge losses