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Pizza Hut is officially a private company again. Yum! Brands completed its $1.5 billion sale of Pizza Hut's operations outside mainland China to private equity firm LongRange Capital, following a separate $1.2 billion sale of Pizza Hut China to Yum! China Holdings last month, according to The Independent .

Yum! could pocket another $75 million by 2030 if Pizza Hut hits certain performance targets. CEO Chris Turner said the split lets Yum double down on KFC , Taco Bell and Habit Burger & Grill, brands the company sees as having stronger growth ahead.

Pizza Hut needed some new toppings. The chain has been closing 250 underperforming U.S. locations and is facing a lawsuit from a franchisee who alleges a new AI delivery system slowed orders and caused $100 million in losses.

The turnaround plan leans hard into nostalgia. Franchisees are restoring locations to their 1980s and 90s look, red cups, checkered tablecloths, personal pan pizzas and all. There are now about 154 of these "classic" locations across the U.S. Restoring a store costs roughly $90,000 to $95,000, compared to up to $300,000 for a full remodel, a cheaper bet at a moment when dine-in customers make up just 18% of Pizza Hut's business.

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