The Italian chain Joe’s is closing more than 500 locations across the country, and the company is also cutting the number of employees at some locations in the U.S. The company is making the announcement in an executive summary to investors.
The move comes after the company had a slow start to the year.
The chain has about 7,000 stores in the United States and has reported a net loss of $3.9 billion for the year ending March 31, according to the company.
It expects that total loss to be about $4 billion for 2016.
In April, the company reported a $3 billion net loss.
Joe’s also announced that it would close more than 100 restaurants this year.
It will also be closing locations in Chicago, Dallas, Las Vegas and New York City.
The news comes as Joe’s has struggled to find a replacement for its iconic pizza ovens that are making the chain a household name in America.
The iconic pizza maker has faced a shortage of new ovens in recent years and has struggled with labor costs.
Joe also recently cut the number, hours and pay at some of its restaurants.
The pizza maker is also closing a number of stores, including a number in Colorado, which are not open for more than a year.
In a statement to CNBC, a company spokesperson said the company was committed to delivering an “all-inclusive, fun and exciting” experience at its stores.
Joe said it plans to retain about 1,400 employees in the country.
The closing of stores and the closure of its franchisee program, which allows customers to pick and choose their own pizza restaurant, comes as the chain struggles to maintain profitability.
In March, the pizza maker said it expects net sales of $1.4 billion this year, which would be down from the previous year’s $1 billion.
Joe and his wife, Ann, own the majority stake in the company and have said that the company needs to cut costs to survive.