Struggling pizza chain Pie Five closed 10 stores last quarter as sales continued to fall, according to third-quarter financial results released Monday by parent Rave Restaurant Group. The closures bring Pie Five's domestic unit count to 43 restaurants, 32 of which are currently open.
Why are pie fives closing?
By 2017, they were operating over 100 restaurants and converted to a regional franchise model. Perhaps due to the sudden quick growth and loss of internal control due to the new franchise model, many of these shops closed just as fast as they had opened.Apr 5, 2021
Who owns pie5?
Pie Five Pizza is an American fast casual restaurant chain specializing in personal pizza. The brand is owned by Rave Restaurant Group, which also owns Pizza Inn.
Why did Pie 5 close in Maryland?
“We've loved being your favorite pizza place in Maryland, but sadly due to unforeseen circumstances we had to close our locations,” the company said in a statement. Initial reports indicate that the Maryland franchisee chose to close up shop.
What is pie dust magic five?
The crust didn't have much flavor, but my toppings did, and everyone should say “yes” to the offer of “magic dust” a blend of Parmesan, Romano and Italian seasoning after the pizza has been cooked. At times, the pizzas were reminiscent of the offerings at pizza buffets like CiCi's.
Why did Pie 5 close?
Pie Five Pizza Co. has closed nine restaurants in Chicago and Minnesota amid a lawsuit from a franchisee who claims the company provided misleading information about the chain's sales and profitability. Seven of the closures are in Chicago and two are in Minnesota.