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Domino’s used its Investor Day last year to convey lofty growth goals, including bumping its annual global net unit growth target to 1,100 net new restaurants over the next five years. The pizza giant arrived at those projections after working with master franchisees on their 2024 and five-year expectations. “At the time, we were completely aligned,” CFO Sandeep Reddy said.

As it turns out, that wasn’t the case. Domino’s Pizza Enterprises—the chain’s largest international franchisee with a presence in Australia, Japan, New Zealand, and a host of other Europe and Asia-based markets—will shutter up to 80 low-volume restaurants in Japan and about 20–30 stores in France. These will happen in the second half of 2024 and could bleed into 2025.