A HUGE fast-food chain has closed dozens of outlets as its CEO admitted that last year was “tough.”
Pizza giant Papa Murphy’s is renowned for its take-and-bake service, but the company saw a dip in sales in 2022.
Franchisees closed 72 outlets amid the poor performance, Restaurant Business reported.
Eric Lefebvre, CEO of the chain's parent company MTY Food Group, told analysts earlier this month: “We closed a lot of stores in 2022, unfortunately. The performance is not where we want it to be.”
Papa Murphy’s - a Papa Johns rival - was not immune from the financial pressures that gripped fast food chains last year.
Consumers felt a squeeze as inflation reached record highs and food prices soared.
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But, Lefebvre revealed that the situation in 2023 is more positive for the popular pizza chain.
He said: “We’re feeling pretty good about where Papa Murphy’s is.”
Papa Murphy’s was founded in 1995 and its other competitors include Pizza Hut and Domino’s.
Stats compiled by ScrapeHero reveal that there are more than 6,600 Domino’s Pizza outlets across the US.
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Papa Murphy's has more than 1,300 outlets in the US and Canada.
Its pizzas are prepared in-house before customers bake them at home.
The pizza giant is not the only fast-food chain that has had to close dozens of its outlets.
The U.S. Sun reported that McDonald’s rival Steak N Shake shut down 30 restaurants last year.
The chain, renowned for its steakburgers and milkshakes, has closed outlets in each of the last four years.
Stats revealed that in 2018, there were more than 620 Steak n Shake restaurants trading, but that number now stands at 506, Restaurant Business reported.
The latest slew of closures comes just years after the chain faced the threat of bankruptcy.
In February 2021, the chain avoided bankruptcy after forking out more than $100million to pay outstanding debts, The Wall Street Journal reported.
And, Corner Bakery has filed for bankruptcy as it struggles to clear debts that have reached at least $30million.
The chain specializes in breakfast dishes, pastries, bread, and gourmet sandwiches and has 140 stores across the country.
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But, those stores face an uncertain future amid the decision to file for bankruptcy.
The popular seafood chain Red Lobster has closed eight of its restaurants for good.
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