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Home/Banking News/A Massive Chain Who Closed 300 Locations Now Closes More
Market News Today - A Massive Chain Who Closed 300 Locations Now Closes More

A Massive Chain Who Closed 300 Locations Now Closes More

By Frank Nez
June 14, 2024
2

A massive chain who closed 300 locations now closes more stores causing an uproar amongst customers and employees alike.

Pizza Hut has shuttered eight locations across two states, leaving fans in a frenzy.

The chain closed 300 locations in 2020 after a franchise owner declared bankruptcy.

The abrupt closings caused uproar on Friday, with customers and staff claiming they were not warned.

Several managers at the closing restaurants took to Facebook to inform fans of the shutdowns.

At least four took place in northwestern Indiana.

The state’s shuttering Pizza Huts include locations in Valparaiso, Crown Point, Griffith, and Hobart, according to posts from staff.

“It is with a heavy heart that I share the news that all Pizza Hut locations in NW Indiana, including our beloved Valparaiso store, have been closed,” wrote a general manager on Pizza Hut’s official Facebook account.

“Thank you all for your continued support. I hope one day to see you all again in some form or fashion.”

Another manager at Crown Point issued a similar message, noting “everyone has been let go.”

“I’m not sure what will happen going forward…” they added.

A former staffer at the Griffith and Hobart locations also said they were “in shock” after being notified about the closures and claimed there was “no warning at all to employees.”

Pizza Hut is owned Yum Brands Inc.

The chain’s nationwide locations are operated by several different franchisees.

One of the largest franchise owners in Indiana, EYM Group, would not confirm whether its locations were among the ones that closed.

Pizza Hut filed a lawsuit against EYM Group for breach of contract earlier this month, per court documents obtained by The U.S. Sun.

It’s unclear whether or not the legal battle led to the closures.

The U.S. Sun reports that it has contacted EYM Group and Yum Brands for an official comment.

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Also Read: An Unexpected Retailer Is Now Closing All Stores in Illinois

Other Economy News Today

Market News Today - A Massive Chain Who Closed 300 Locations Now Closes More.
Market News Today – A Massive Chain Who Closed 300 Locations Now Closes More.

An unexpected restaurant now abruptly closes 7 locations in one state after revealing plans to shutter a total of 36.

TGI Fridays is closing a total of seven restaurants in one state as part of the company’s ongoing growth strategy.

This comes after the chain abruptly closed 36 locations across 12 states in at the beginning of the year, per The-Sun.

The restaurant chain will pull the plug on seven locations across the state of New Jersey in the coming weeks.

Today, Fridays will welcome in famished diners at its location in Brick for the final time.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Weldon Spangler, CEO of TGI Fridays earlier this week.

“We are at the helm of a pivotal moment that will allow us to explore boundless advancement, expansion, and innovation to keep delivering ‘That Fridays Feeling’ that our fans know and love.”

Before the closures, TGI Fridays had about 270 US locations, according to the company’s website.

“As part of the store closures, TGI Fridays is offering more than 1,000 transfer opportunities, which represents over 80% of total impacted employees,” the company previously said in a statement.

“Our top priority has always been delivering a superior experience for each and every TGI Fridays guest, and we’ve identified opportunities to optimize and streamline our operations to ensure we are best positioned to meet – and exceed – on that brand promise,” said Ray Risley, US president and chief operating officer, in the release.

Eight other locations were sold to former CEO Ray Blanchette, a longtime stakeholder who will acquire the previously corporate-owned restaurants.

The sale comes as major changes have been made to the brand’s leadership, including the news of Weldon Spangler being made CEO.

“As we continue along our path of transformation to revitalize the Fridays brand and implement a long-term growth strategy, we see a bright future for TGI Fridays,” said Spangler in a statement.

Also Read: Retirees Will Now Receive More Money For Social Security

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Market News Today - A Massive Chain Who Closed 300 Locations Now Closes More.
Market News Today – A Massive Chain Who Closed 300 Locations Now Closes More.

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Frank Nez

Frank Nez is an American entrepreneur, journalist, writer, and investor. Frank's work has been cited by SEC and Congressional reports. Franknez.com is a personal finance and market news publication, dedicated to publishing content on money, investing, entrepreneurship, and retail investor news.

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2 Comments
  1. Frank Nez says:
    June 14, 2024 at 6:08 pm

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  2. Frank Nez says:
    June 14, 2024 at 6:08 pm

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