Entries tagged with 'hard times'
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Papa John's CEO: The Economy Sucks, Pizza Industry in a Funk
With the economy circling the drain, the pizza industry is taking it on the chin, Papa John's CEO Nigel Travis said at the Reuters Food Summit in Chicago today. A perfect storm of recession,* rising commodity costs (cheese and wheat), and steeper gas prices for consumers have hit Papa John's—and I'm guessing other chains—hard. The third largest chain says it won't raise prices, make pizzas smaller, or start using cheaper ingredients but will look at a value menu for cost-conscious pizza-eaters. (Pizza Hut's value-minded Pizza Mia—$5—is reportedly going over like gangbusters.) *In the article Travis says, "I personally think we...Slice is part of the Foodblog Ad Network. To advertise on this site or across a network of food-related weblogs, click here.
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