Struggling Pizza Hut restaurant chain will be sold for $2.7 billion

Yum Brands is selling Pizza Hut for $2.7 billion, with LongRange Capital acquiring the non-China business for $1.5 billion and Yum China Holdings Inc. purchasing the mainland China operations for $1.2 billion. The sale follows Pizza Hut's struggles with outdated stores and declining U.S. sales, including plans to close 250 U.S. restaurants.