Domino's to exit international operations
They are reportedly identifying new owners for each of the businesses.
Domino’s announced it would exit its loss-making international operations.
The UK franchisor of the US-based pizza company owns the operations in Switzerland, Iceland, Norway and Sweden, and has a minority stake in its German counterparts.
“We have concluded that, whilst they represent attractive markets, we are not the best owners of these businesses,” outgoing CEO David Wild said in an announcement.
The decision to exit four the European markets comes months after the company announced Wild would retire, amidst a row with disgruntled franchisees in the UK and Ireland.
The chain’s Q3 group system sales were up 3.4% to £313.5m whilst international system sales fell 2.7% to £25.3m. The company also mentioned that the search process for a new CEO and chairman continues.
“Normal working practices continue to be impacted by our franchisee dispute. As we said at our interim results, this situation is complex and we expect a resolution to take time, certainly into 2020. We remain committed to working with our franchisees to agree sustainable win-win solutions,” Wild added.
