Pizza Hut, a name familiar to generations of pizza lovers, may be headed for new ownership. Yum Brands said it is evaluating strategic options for the chain amid mounting challenges in the competitive U.S. pizza marketplace.

Operating nearly 20,000 restaurants across more than 100 countries, Pizza Hut still has a global footprint. International sales climbed about 2% in the first nine months of the year, with China now its second-largest market outside the United States. Yet roughly half of the company’s revenue comes from the U.S., where about 6,500 outlets recorded a 7% sales decline over the same period.

For decades the brand leaned on sprawling dine-in locations, a format that has lost ground as diners increasingly prefer fast pickup and delivery. In 2020 a major U.S. franchisee filed for bankruptcy and shuttered some 300 restaurants. Pizza Hut’s share of U.S. pizza chain sales has fallen to 15.5% from 19.4% in 2019.

The chain’s origins date to 1958, when two brothers in Wichita, Kansas, borrowed $600 from their mother to start the business. The signature red roof appeared in 1969, and by 1971 Pizza Hut had become the world’s largest pizza chain. PepsiCo bought the company in 1977 and later spun it off into Yum Brands in 1997. Meanwhile, Domino’s — which emphasized delivery and carryout — has grown into the biggest pizza chain with more than 21,750 locations worldwide.

The possibility of selling Pizza Hut underscores broader shifts in the restaurant industry, where traditional sit-down concepts must evolve to meet changing customer habits. Internationally the brand remains resilient, but its U.S. operations face pressure to modernize and adapt.

Yum Brands’ other banners, including KFC and Taco Bell, continue to post strong results; the company’s third-quarter revenue rose about 8%, highlighting a sharp contrast between Pizza Hut’s struggles and its sister brands’ performance.