There are speculations that Pizza Hut might soon be on the market for acquisition.

Yum Brands, the corporation that owns Pizza Hut, announced on Tuesday that it is actively exploring strategic options for the brand. This comes as Pizza Hut grapples with intense competition in the bustling pizza sector.

Chris Turner, CEO of Yum, highlighted the brand’s numerous advantages, such as its widespread international presence and robust growth in various regions. Pizza Hut operates almost 20,000 outlets across more than 100 countries, with international sales climbing 2% during the first nine months of this year. Notably, China ranks as its second-largest market outside the United States.

However, nearly 50% of Pizza Hut’s revenue is generated from its approximately 6,500 U.S. outlets, where sales saw a 7% decline over the same period. Historically, the brand has been burdened by large, outdated dine-in locations, which have become less appealing as customers increasingly prefer quick pickup and delivery options.

Back in 2020, one of Pizza Hut’s major franchisees sought bankruptcy protection, leading to the closure of 300 stores. Currently, Pizza Hut accounts for 15.5% of U.S. pizza chain sales, a drop from 19.4% in 2019, as reported by Technomic, a consultancy specializing in food services.

“The Pizza Hut team has been working hard to address business and category challenges; however, Pizza Hut’s performance indicates the need to take additional action to help the brand realize its full value, which may be better executed outside of Yum Brands,” Turner said in a statement. “To truly take advantage of the brand we’ve built and the opportunities ahead, we’ve made the decision to initiate a thorough review of strategic options.”

Yum has not set a deadline for the completion of the review. The company said it will not make any further comments on the review.

Yum Brands shares were up nearly 7% in early afternoon trading Tuesday. The company also owns KFC, Taco Bell and Habit Burger & Grill. Yum said Tuesday that its third-quarter revenue rose 8% thanks to strong sales at both KFC and Taco Bell.

Pizza Hut was founded in 1958 in Wichita, Kansas, by two brothers who borrowed $600 from their mother to open the store. They chose the name because their sign only had room for eight letters.

Pizza Hut’s familiar red roof debuted in 1969 and by 1971 it was the top pizza chain in the world by sales. PepsiCo acquired Pizza Hut in 1977 but spun off its restaurant division – which became Yum Brands – in 1997.

Domino’s, with its focus on delivery and carryout pizza, has since become the world’s largest pizza chain, with 21,750 stores.

The news of Pizza Hut’s uncertain future comes the day after another 1950s-era dine-in icon, Denny’s, announced it was being sold to an investor group and taken private. Like Pizza Hut, Denny’s has also struggled with customers’ shift to delivery and growing competition in casual dining options.