Per Bloomberg
Domino's Pizza enters liquidation in Italy, closes after eight years
3/27/2023
Domino's has been struggling to win customers' hearts in Italy, the country famous for its pizza. Now, ePizza SpA, the franchise partner of Domino's, is officially entering its liquidation proceedings per filings seen by Bloomberg.
Since Domino struggled to win over customers in Italy, creditors would only recover 5% of their exposure. The liquidation was court-ordered, and a draft restructuring plan was spotted in 2022.
Domino's Pizza launched in Italy in 2015, starting with 29 branches. The US pizza brand included certain options that were more popular in the US but were harder for locals to take in.
These menu items included pizza with pineapple and BBQ chicken. In contrast, Italian pizza usually comes in a thin crust.
The US brand initially wanted to expand further into Italy, with plans to open 880 stores. However, the pandemic also affected Domino's revenue.
Domino's missed out on 35% of its revenues from 2020 due to Covid-related lockdowns and an increase in competition. This came as Italian pizzerias started to adapt and provide delivery options for their pizza.
In May 2022, Domino's reportedly reached $20.8 million in debt, with $5.72 million owned by banks. ePizza's liquidation hearing is set for June 21, as set by the Milan tribunal.
Other fast food competitors like Mcdonald's decided to open their first fully automated restaurant by the end of last year. The store didn't require interaction with anyone at all.
Mcdonald's has also announced new McNuggets without any meat. These nuggets are made from peas, wheat, and tempura batter and follow the company's 2021 decision to launch McPlant burgers.
The company partnered with Beyond Meat, which it also partnered with for the same McPlant burgers it launched in 2021. So far, McDonald's plans to launch the zero-meat McNuggets in Germany with 1,400 restaurants for nine months.
See flow at unusualwhales.com/flow.
Other News:
- McDonald's launches its first fully automated fast food restaurant
- McDonald's drops McNuggets made with zero meat: just peas, wheat, and tempura batter
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