Yum! Brands, Inc. has announced the initiation of a formal review of strategic options for the Pizza Hut brand.
The intent is for Pizza Hut to reach its full potential for the benefit of its franchisees, consumers, and employees and to maximise value for Yum! shareholders. The review will explore a range of strategic options while the brand continues to focus on near-term business imperatives.
“Pizza Hut is a beloved global brand and industry innovator that connects people through the joy of pizza, and we are confident in its long-term future,” said Chris Turner, Chief Executive Officer, Yum! Brands Inc.
“Pizza Hut has many strengths, including deep consumer love, a global footprint, strong growth in many markets, a talented team, and an increasingly powerful technology platform.”
Turner added that the global QSR market had presented difficulties that the Pizza Hut brand had to adapt to, presenting it with newfound opportunities to grow.
“The Pizza Hut team has been working hard to address business and category challenges; however, the brand's performance indicates the need to take additional action to help the brand realise its full value, which may be better executed outside of Yum! Brands,” Turner continued.
“To truly take advantage of the brand we’ve built and the opportunities ahead, we’ve made the decision to initiate a thorough review of strategic options.”
Yum! Brands, Inc. has not set a deadline or definitive timetable for the completion of the strategic options review, and there can be no assurance this review will result in any specific outcome or transaction. The Company does not intend to comment or make further announcements unless it determines that further disclosure is appropriate or necessary.
Yum! Brands, Inc., has retained Goldman Sachs and Barclays as financial advisers for this strategic review.
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