Yum Brands said it is targeting underperforming Pizza Hut restaurants in its system.
Pizza Hut has more than 6,000 U.S. locations.
Louisville, Kentucky-based Yum Brands said in November it was conducting a formal review of options for Pizza Hut, which has struggled with outdated stores and growing competition.
The chain’s U.S. same-store sales fell 5% last year.
Growth has been stronger internationally, where Pizza Hut's same-store sales rose 1%.
China is Pizza Hut's second-largest market after the U.S.