Pizza Hut Has Been Sold

(AP) – Pizza Hut’s parent company is selling the 68-year-old chain for $2.7 billion. Yum Brands said on Tuesday that the private equity firm LongRange Capital will buy Pizza Hut’s business outside mainland China for about $1.5 billion. Yum China Holdings Inc. is purchasing the mainland China perations for approximately $1.2 billion. Pizza Hut has been struggling with growing competition from DoorDash, Uber Eats and other restaurant delivery companies that promote their access to cuisines besides pizza. In February, Yum Brands announced plans to close 250 U.S. Pizza Hut locations. Pizza Hut was founded by two brothers in 1958. They chose the name of their store in Wichita, Kansas, because the sign only had room for eight letters.