Pizza Hut, the 68-year-old chain
that has long struggled with growing competition
and outdated restaurants, will be sold for 2.7 billion dollars
by parent company Yum Brands.
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Yum said Tuesday the private equity firm LongRange Capital
will buy Pizza Hut,
excluding the mainland China business,
for about 1.5 billion dollars.
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The China Pizza Hut will be purchased by Yum China Holdings
for approximately 1.2 million dollars.
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Yum Brands says by selling Pizza Hut,
the company which also owns KFC, and Taco Bell, can focus
more on its brands with stronger sales.
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Iโm Julie Walker.
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