Domino’s to close 70 stores worldwide and exit Denmark
By Canadian PizzaNews Business and Operations
Domino’s has announced it will close some 70 stores worldwide, including 30 Australian-owned branches in Denmark.
In a trading update, Domino’s said it has taken steps to deliver material, near-term, cost savings, improving efficiency and building a stronger foundation for future growth.
The company announced it will:
- close Domino’s Denmark
- carry out accelerated franchising and closure of approximately 65-70 underperforming corporate-owned stores
- complete planned commissary closures in South-East Asia, accelerated amortization of legacy IT assets
- streamline core operations to increase operational efficiencies
The company said it expects the combined savings will improve FY24 EBIT by approximately $25-30 million, with these savings expected to increase over the next two years as initiatives are completed. Approximately one-third of these savings are planned to be passed back to stores as management reinvests in the franchisee network base.
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