Domino's to close 70 stores worldwide, completely exit market in one nation

In an effort to combat underwhelming profits, Domino's has announced it will close some 70 stores worldwide, including 30 Australian-owned branches in Denmark.

Though there are more than 3,800 Domino's stores across the globe, Australia's Domino's Pizza Enterprises (DMP) owns the rights to operate and franchise branches in Australia, Denmark, New Zealand, France, Belgium, the Netherlands, and Monaco.

The company announced in February that it had recorded its biggest drop in net income during the July to December half yearly period in 2022, since 2011.

READ MORE: Domino's Pizza in Sydney closed after failing food safety inspection

As a result, the pizza empire is now looking at ways to drastically improve its finances, closing 70 stores worldwide, and ceasing all operations in Denmark - which represents 0.7 per cent of its total market.

It also plans to sell between 70 to 75 stores around the world to "experienced franchisees" in the hopes they are restructured.

READ MORE: Armed man leaves empty-handed after Domino's workers foil hold-up

The company said it plans to close its construction and supply arm in Australia, sending its shares plunging as much as 11.9 per cent in early trade to the bottom of the ASX 200 index.

Altogether the closure and restructuring of the company is expected to save Domino's between $16 million to $20 million per year.

The pizza heavyweight described the Danish market as an underperformer, which had taken longer to turn a profit "than originally anticipated".

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