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Spanish pizza chain, Telepizza, ended its partnership with Greek firm Goody's, and closed operations in Britain and Morocco.
The approximately 800-store chain, which is headquartered in Madrid, has seen store sales in international markets decline over the past year. The company said reducing store numbers will allow it to concentrate on growing sales at already profitable outlets.
According to a report published by Reuters, Telepizza will continue growing its number of franchised outlets and reducing company-owned stores.
Market analysts believe Telepizza's belt tightening should affect year-end results positively. Reuters reported that broker Ibersecurities Activobank told its customers in a letter that, "We think the withdrawal of operations from these areas is positive as it cease to use resources in non-profitable projects."
As of Feb. 4., Telepizza shares traded at 1.55 euros ($1.39 U.S.), marking losses of about 11 percent for the year.
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