Thursday 9 February 2023

Pizza Hut announces closure in Panama after 35 years

The company said it will focus on strengthening its other two food and ice cream brands in the Panamanian territory.

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Q24N – On December 26, Pizza Hut Panama turned off its lights, which translates into the closure of its 12 stores. This was confirmed by Franquicias Panameñas in a statement to the Superintendency of the Securities Market of the Republic of Panamá.

Joshua Henriquez, general manager of Panamanian Franchises, comments that the difficult decision was made after administrative considerations that seek to ensure and optimize its operations in the future.

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Franquicias Panameñas is a company incorporated in Panama since 1972 and according to the Quarterly report presented to the Latin American Stock Exchange (Latinex, formerly the Panama Stock Exchange) as of September 30, 2022, the total and accumulated income of the company was Of US$63.4 million, these are 17.8% more than in September 2021.

“The difficult decision is made after administrative considerations that seek to ensure and optimize its operations in the future,” said Joshua Henríquez, general manager of Panamanian Franchises, justifying the cessation of operations.

Franquicias Panameñas continues to operate  KFC and Dairy Queen. In December 2018, the company ceased operations of the Taco Bell brand.

In the statement signed by the general manager of the company, Joshua Henriquez, it is also explained that “the company has as a priority the relocation or transition of its collaborators, as part of its strategic plan to strengthen its other brands focused on a plan of expansion and renovation of KFC and Dairy Queen restaurants nationwide.

The first Pizza Hut opened in Panama in 1987, on Calle 50 in Cuidad Panama.

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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