Pizza in the U.S. has evolved with iconic styles like Chicago deep-dish and New York thin-crust. The largest pizza chains are now U.S.-based. Papa Johns faces competition as it reports declining sales in North America.

Papa Johns sells 85 restaurants in D.C. and Baltimore to Pie Investments, expanding the chain’s U.S. reach. The group aims to open more locations in Philadelphia and grow to 250 by 2030.

Papa Johns is refranchising to drive growth, with plans to reduce company-owned restaurants in North America. The company is focusing on profitable growth and expanding into high-demand markets to improve its economic model.

Rumors of private equity firms acquiring Papa Johns have affected the company’s stock. Despite restructuring efforts, the chain faces challenges in balancing consistency with innovation to drive growth.

Franchising comes with risks, including higher violation rates and pressure to keep labor costs low. Papa Johns operates nearly 6,000 locations globally, with plans to accelerate refranchising efforts for profitable growth.

Read more at Yahoo Finance: Popular pizza chain sells 85 locations in surprising business move