Domino's Pizza Exits Italy After Failed Patronage: Bloomberg

Domino’s Pizza Inc's (NYSE: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 (OTC:DROOF), Just Eat Takeaway.Com N.V. (OTC:JTKWY) or Glovo.
Price Action: DPZ shares are trading lower by 0.99% at $391.00 in premarket on the last check Tuesday.
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