Papa John's International Refranchises 85 Units, Adds 52 New Stores: A Bull Case Reevaluation

Papa John's International has refranchised 85 restaurants to Pie Investments and plans to open 52 new locations across Greater Philadelphia, Washington, D.C., and Baltimore by 2030. This move hands a key regional footprint from a retiring franchise veteran to one of Papa John's largest and fast-growing operators. The transition is directionally aligned with efforts to improve franchisee economics but does not fundamentally change the company's main margin and earnings risks.