---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-054044"
form_type: "8-K"
ticker: "PZZA"
cik: "0000901491"
company_name: "PAPA JOHNS INTERNATIONAL INC"
filed_at: "2025-11-25T23:59:59+00:00"
generated_at: "2026-05-16T17:11:09.525215+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Papa Johns refranchises 85 DC/Baltimore units to Pie Investments; 52 new stores planned

## Summary
- Pie Investments, led by Chris Patel, assumes ownership of 85 restaurants previously owned by Colonel's Limited, LLC joint venture.
- Franchisee William Freitas of Colonel's Limited retires after operating Papa Johns since 1993.
- Pie Investments plans 52 additional new Papa Johns restaurants by 2030 across Greater Philadelphia, DC, and Baltimore.
- Pie Investments now operates over 150 Papa Johns restaurants, targeting 250 by 2030.

## SEC filing metadata
- accession: 0001628280-25-054044
- form_type: 8-K
- ticker: PZZA
- cik: 0000901491
- company_name: PAPA JOHNS INTERNATIONAL INC
- filed_at: 2025-11-25T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/901491/000162828025054044/0001628280-25-054044-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/901491/000162828025054044/pzza-20251125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-054044
- JSON: https://secwatch.observer/filing/0001628280-25-054044.json
- Plain text: https://secwatch.observer/filing/0001628280-25-054044.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.