Papa Johns is the latest pizza chain to close hundreds of locations following a tough quarter as customers pull back on spending.
The company revealed during Thursday’s earnings call that approximately 300 underperforming restaurants in North America will close by the end of 2027, with about 200 of them shuttering this year.
The affected restaurants are those “not meeting brand expectations or lack a clear path to sustainable financial improvement, as well as locations where we can effectively transfer sales to a nearby restaurant,” said Ravi Thanawala, Papa Johns chief financial officer and president of the chain’s North America operations.
Blackrock Inc. owns the most shares in Papa John's. Shaq just owns around a dozen franchises in the Atlanta area and was on the Board of Directors until he stepped down in 2024.