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Pizza is a food category in its own right. A Pizza Hut survey released earlier this year found that Americans eat pizza three times per month on average and consume about eight pieces of pizza during that same amount of time. This adds up to nearly 100 slices per year for the average American, and the total is likely even higher for particularly diehard pizza fans.
CFO Ravi Thanawala said during a recent earnings call that they expect this year’s “challenging sales trends” to 'likely continue as we close out 2024 and enter 2025.' But CEO Todd Penegor has a multi-faceted plan that he hopes will improve Papa Johns’ performance in the long term, such as introducing value offers, rolling out new menu items, ramping up marketing, investing in technology, opening new restaurants, and improving its loyalty program.
Mod was able to avoid bankruptcy when the Los Angeles-based Elite Restaurant Group bought the chain in July. It has since announced several changes aimed at turning the business around, including a revamped tiered menu and the refranchising of company-owned restaurants.The Arizona-based fast-casual chain Fired Pie filed for Chapter 11 bankruptcy this month as it seeks to restructure its business.
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