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Papa John's to close 300 restaurants as it moves to cut costs and boost growth

By
Mary Cunningham
Reporter, MoneyWatch
Mary Cunningham is a reporter for CBS MoneyWatch. She previously worked at "60 Minutes," CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
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Mary Cunningham

/ CBS News

Papa John's plans to shutter 300 of its restaurants by the end of 2027 as the struggling pizza chain moves to cut costs and close underperforming locations. 

Chief Financial Officer Ravi Thanawala said in a fourth-quarter earnings call with Wall Street analysts that some of the restaurants slated to be closed are "not meeting brand expectations or lack a clear path to sustainable financial improvement." In other cases, the restaurants represent locations where Papa John's can "effectively transfer sales" to a nearby outlet, he added.

Papa John's plans to shut 200 locations by the end of this year, with the rest to be closed by the end of 2027, according to Thanawala. The pizza chain has 6,000 locations across roughly 50 countries and territories, according to its .

The restructuring comes as Papa John's struggles to boost its domestic sales and drive growth. In February, the company  2025 revenues of $2.1 billion, flat compared with the previous year, along with shrinking profits. 

Papa John's stock, which traded on Thursday for $31.85, has fallen 31% over the last year. 

Papa John's did not immediately respond to a request for information about which restaurants it plans to close. 

In another cost-cutting move, Papa John's also reduced its corporate workforce by 7%, Thanawala said Thursday, without specifying when the layoffs occurred or if further cuts were planned. As of March 2025, the company had 104,000 corporate and in-store workers around the world, according to a regulatory .

Edited by Alain Sherter

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