A Massive Chain with 6,805 Locations Now Begins To Close

March 28, 2024

A massive chain with 6,805 locations now begins to close more stores, giving locals in the area less options, sources confirm.

Pizza Hut is closing down another location, leaving fans with fewer options in New York.

The Pizza Hut in Glens Falls on 12 Hudson Avenue closed yesterday, according to WTEN, the ABC affiliate in Albany, New York.

Several other locations in the capital area closed in June 2023 including Ballston Spa, Johnstown, and Cobleskill.

There are only around 12 Pizza Hut stores remaining in the Albany area.

The locations include:

Latham, 675 Troy Schenectady Road
Troy, 849 Second Avenue
Pizza Hut Express at 204 Saratoga Road in Glenville
Queensbury, 97 Main Street
Clifton Park, 1689 Route 9
Pizza Hut Express inside Target in Amsterdam
Fort Edward, 354 Broadway

In October 2023, an Arkansas-based coffee shop drive-thru opened at the former Johnstown Pizza Hut location.

Ted’s Fish Fry announced it plans to open a new location at the Ballston Spa Pizza Hut.

The closure follows multiple delivery driver layoffs in California stores as the company geared up for a minimum wage increase, reports The-Sun.

The increase kicks in this April, aiming to balance out the cost of living for many California residents.

It pushed many Pizza Hut franchises to depend on delivery driver apps like Uber Eats, DoorDash, and GrubHub.

The pizza joint also closed down 300 of its underperforming stores last year after a franchise owner declared bankruptcy.

One of Pizza Hut’s major franchise owners is NPC International, which filed for Chapter 11 bankruptcy in 2020.

A Pizza Hut spokesperson previously told The U.S. Sun the New York locations closing down had no link to NPC International’s bankruptcy.

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Also Read: A Healthcare Service Company Now Announces Unexpected Layoffs

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Market News Today - Beloved Restaurant Chain Is Now At High Risk of Bankruptcy — Market News Today – A Massive Chain with 6,805 Locations Now Begins To Close.

A beloved restaurant chain is now at high risk of bankruptcy after multiple CEOs have repeatedly made the same mistake.

Red Lobster president Edna Morris lost her job after she misjudged how much customers would eat during a $22.99 all-you-can-eat crab promotion.

The chain lost millions on her miscalculation.

“It wasn’t the second helping on all-you-can-eat but the third,” then Chairman Joe R. Lee told analysts, during a Darden earnings call back when that brand owned Red Lobster.

“And maybe the fourth,” added former Chief Operating Officer Dick Rivera.

Amazingly, the company repeated the same mistake under Its current owner Thai Union Group, reports TheStreet.

The seafood chain used an all-you-can-eat shrimp offer as a way to bring people into the restaurant.

It worked, but at $20, it was priced too low for the company to make money on the deal.

That deal is still on the menu, but the price has been raised to $25.

Now, the struggling chain has replaced its CEO Horace Dawson, who is retiring, with Jonathan Tibus, managing director of management consultant Alvarez & Marsal.

Tibus is considered a turnaround expert who helped Kona Grill and Krystal through their Chapter 11 bankruptcy filings.

Thai Union Group has already shared that it intends to divest itself of the Red Lobster brand.

“During the past years, the combination of Covid-19 pandemic, sustained industry headwinds, higher interest rates and rising material and labor costs have impacted to Red Lobster business resulting in prolonged negative financial contributions to the company and its shareholders,” Thai Union said in a Jan. 16 media release.

“After detailed analysis, the board of directors has determined that Red Lobster’s ongoing financial requirements no longer align with our capital allocation priorities and therefore the company is pursuing an exit of the minority investment.”

FoodserviceResults CEO Darren Tristano believes the company is headed toward a resolution.

“It appears that Red Lobster is planning for a turnaround, bankruptcy, or fire sale,” he told SeafoodSource.

Red Lobster is now considered a “zombie brand,” Tristano said.

“[Red Lobster] continues to wander aimlessly looking for direction,” he said.

Thai Union Group has said it does not expect to make any money on a sale of the brand and has already taken a $527 million writedown.

“Because Red Lobster has not yet named a new buyer, it would appear that bankruptcy would be the best option followed by a sale after the balance sheet gets cleaned up,” Tristano added.

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Also Read: A Giant Company Now Announces Unexpected Layoffs in Maryland

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