Pie Five closes 18 locations
Pie Five, stung by steep declines in same-store sales, has closed 18 locations as it withdraws from underperforming markets, parent company Rave Restaurant Group Inc. said on Wednesday.
The closures came during a quarter in which the fast-casual pizza chain’s same-store sales declined by 15.8 percent. On a two-year basis, the chain’s same-store sales are down 19.8 percent.
The 18 locations represented 18 percent of the 99 locations the system had at the end of 2016. Pie Five said it opened five locations during the first three months of the year, and how operates 86.
“We are taking a purposeful