Yum Brands Sells Pizza Hut for $2.7 Billion and Launches Global KFC Rebrand
Yum Brands announced strategic changes in its second-quarter earnings, including the sale of Pizza Hut for $2.7 billion across two transactions. The company also unveiled a new global brand identity for KFC to be rolled out in its top 20 markets as part of an international repositioning effort led by CEO Chris Turner. Pizza Hut has struggled with declining sales and store closures, particularly in the U.S., where systemwide sales dropped 5% year-over-year. The sale is expected to close in Q3 after LongRange Capital filed for early termination with the FTC. Meanwhile, KFC's international performance outpaces its domestic results, prompting a shift toward boneless chicken products, new sauces, and store modernization. KFC plans to open a transformed location in McKinney, Texas, as part of its U.S. rollout strategy later this year. The brand has seen declining same-store sales in the U.S., closing 147 net stores last year alone.
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