Papa John's Announces Expansion To Spain With Plans To Open More Than 100 Restaurants

Papa John's Int'l, Inc. (NASDAQ: PZZA) on Tuesday announced its ongoing European expansion initiative will now include an entry to Spain.

Papa John's said it reached an agreement with PJ Espana Pizzerias S.L to open more than 100 restaurants in the city's capital, Madrid, and the surrounding areas. The company added that its entry to Spain continues its strategy of business development in Europe.

Papa John's International has over 300 locations in the United Kingdom with plans to open locations in France. The company is also eyeing potential franchisees in other European countries, including Belgium, Czech Republic and Poland.

"The Papa John's brand continues to grow and we are pleased to extend our growth with our successful franchisee from Chile into Spain," said Tim O'Hern, Senior Vice President & Chief Development Officer of Papa John's International, Inc. "Not only do we look forward to introducing Spaniards to our quality ingredients, but we also look forward to creating more quality jobs across Spain. There is a huge opportunity to create a meaningful impact to Spain's labor market."

Shares of Papa John's were trading higher by 0.4 percent at $48.36 shortly after Tuesday's opening bell, but have lost more than 22 percent over the past year.