Domino's Pizza Exits Italy After Failed Patronage: Bloomberg

Domino's Pizza Exits Italy After Failed Patronage: Bloomberg
  • Domino’s Pizza Inc's DPZ final lot of branches in Italy have lowered their shutters due to poor patronage, Bloomberg reported.
  • The company started its operations in Italy in 2015.
  • The brand could not withstand competition from local restaurants, which gained an advantage by expanding delivery services during the COVID-19 pandemic.
  • Domino’s had run out of cash to manage its operations and sought protection from creditors.
  • The chain’s rapid expansion plan failed as local pizza makers scaled up deliveries or signed deals with third-party services such as Deliveroo PLC DROOFJust Eat Takeaway.Com N.V. JTKWY or Glovo.
  • Price Action: DPZ shares are trading lower by 0.99% at $391.00 in premarket on the last check Tuesday.
  • Photo Via Wikimedia Commons

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