MTY Group Plans to Close 68 Restaurants, 50 at Papa Murphy's

MTY Group (MTY) announced plans to close 68 underperforming corporate-owned restaurants over the next six to nine months, with up to 50 closures at Papa Murphy's. The closures are part of a strategy to improve the performance of their corporate portfolio amid rising operating costs and competitive pressures. CEO Eric Lefebvre stated that these locations generated over CAD 10 million in losses. The first closures are set to begin the week of July 13, highlighting the impact of ongoing industry challenges. This matters for investors as it indicates a restructuring effort that may stabilize the company's financial health.