Toronto-based Pizza Pizza Royalty Corp. and Pizza Pizza Limited announced that the number of restaurants on which royalties are paid to the company by the royalty pool has been adjusted to include 34 new restaurants opened in 2013; six restaurants were closed and removed from the royalty pool in 2013.
According to a news release, by brand, 30 new Pizza Pizza restaurants and four new Pizza 73 restaurants were added. There were six Pizza Pizza locations closed and removed from the royalty pool.
For 2014, the the pool will consist of 629 Pizza Pizza restaurants and 93 Pizza 73 restaurants, or 722 restaurants in total.
"Pizza Pizza has surpassed a major milestone by growing the Royalty Pool to over 700 restaurants in 2013; it's a testament to the strength of our two brands. Growing same store sales and the Royalty Pool are the two main drivers of shareholder value. In 2014, our national expansion strategy will continue as we target opening 25 restaurants," said CEO Paul Goddard.
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