:max_bytes(150000):strip_icc():focal(749x0:751x2)/Naomi-Biden-pregnant-110524-1f85b8bc600b4bd78e7d1ee1e15fce0f.jpg "Granddaughter of Joe Biden, Naomi Biden, Expecting First Baby")
Domino’s new CEO only recently took over the reins, but he’s taking a much more conservative approach to business than his predecessor. According to Mark van Dyck, who assumed the helm on Nov. 6, there will be potential store closures on the horizon for the popular pizza chain.
That’s, at least, what Capital Brief is reporting. The outlet spoke to the recently crowned CEO, who suggested that “underperforming” stores would be analyzed for potential closure.
Over the next two months, Domino’s Pizza’s new CEO will conduct a strategic evaluation of the company and have an open mind regarding the company’s most problematic area, France.
Van Dyck, a former Coca-Cola executive who served as regional managing director in Asia for the UK-listed food service giant Compass Group for 16 years, claimed that Domino’s shouldn’t be having such a hard time in France, where sales are consistently underwhelming.
Previously, the departing CEO, Don Meij, had set ambitious goals for Domino’s to reach 7,100 locations worldwide by 2033. However, in July, the firm stated that it would close nearly 10% of its stores in France and Japan in an attempt to curb bad performance. Currently, Domino’s has over 3,800 locations throughout its network.
Domino’s Faces Large-Scale Alleged Securities Fraud Lawsuit
On Sunday, Sept. 29, Bronstein, Gewirtz & Grossman, LLC sent out a press statement informing Domino’s stockholders about the class action complaint.
The complaint, which seeks damages against the pizza giant for alleged violations of federal securities laws, was filed on behalf of all people and businesses that purchased or otherwise acquired the company’s equities between Dec. 7, 2023, and July 17, 2024. The law firm shared a webpage where consumers can submit their claims.
“Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects,” the press release states. “Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) DPE, the Company’s largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (2) as a result, Domino’s was unlikely to meet its own previously issued long-term guidance for annual global net store growth; (3) accordingly, Domino’s business and/or financial prospects were overstated; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.”
Faruqi & Faruqi, LLP is another legal firm that is a party to the class action litigation, although it is representing investors who lost over $100,000 on their investments. The deadline for impacted investors to submit a claim and receive their portion of the settlement is Nov. 19, 2024. Participation in the class action lawsuit is free of charge. Although it is not required to be named as the primary plaintiff in order to get a monetary settlement, impacted investors may also ask to be listed as such.
