Domino's Pizza Enterprises, the Australian master franchise for Domino's Pizza, announced the closure of 205 loss-making stores, primarily in Japan. The closures are estimated to cost $97 million but will result in annual savings of $15.5 million. The company attributed the store closures to declining post-pandemic demand and higher input costs.
The Australian chain announced in a trading update that it would shut 205 loss-making stores, most of which are in Japan .
"When I started in this role three months ago I said we would move decisively to reshape our business for long-term success," he said in the statement. "Stores selected for closure have low weekly order volumes and limited ability to reach profitable weekly order counts in the near term."The chain did not detail where the other store closures would be.And Japan's losses cost the company $45 million in the Asia region, despite positive growth in Singapore, Taiwan and Malaysia.Australia and New Zealand was the only market to report positive growth for the company.
DOMINO's PIZZA STORE CLOSURES JAPAN PROFITABILITY PANDEMIC
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