- 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 DROOF, Just 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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