It's often said that there's no such thing as a bad pizza. That may be true, but there's certainly room for bad business when it comes to the pizza industry.
Revenue is down for one major global pizza chain, and the downturn has resulted in the closure of several stores.
According to The Street, Papa John's closed over 40 restaurants around the United Kingdom last year. Underperformance was cited as the reason for the closures, and hundreds of employees lost jobs as a result.
Papa John's had lost more than $22 million in revenue, continuing a trend for the company that has persisted since 2021. That was the last year that the company was profitable before and after taxes.
Some pizza fans in the United Kingdom were worried that the closures would affect the company's presence, and 13 more locations have closed in the South West United Kingdom.
A Papa John's spokesperson says that the closures are "temporary," and that "we are working to secure new ownership and reopen as soon as possible."
"Our priority is delivering quality pizza and a great experience for our customers, while supporting our teams through this transition," the spokesperson said.
The results haven't been much better domestically, as total revenues were down nearly four percent in 2024 from the previous year.
Domestic company-owned, North America franchise, and North American restaurants all declined in performance, and the company lost an additional one percent of revenue in the international sector.
Papa John's is currently the fourth largest delivery pizza chain in America, rivaliing Domino's, Pizza Hut and Little Caesar's. The company was founded in 1984 by John Schnatter, and the founder would sell his shares after a series of personal controversies in the late 2010s.
Former NBA star Shaquille O'Neal has become a spokesperson for the chain while also joining its board of directors. He's appeared in advertisements for the Papa John's brand, and has also appeared at multiple locations throughout the country.
Papa John's may be one of the most prolific pizza delivery chains in America, but we'll see how long their spot in the top four will last if they continue to experience global decline.