The pizza house at the corner of West Olive and Broadway, New York City, has the distinction of being the most expensive pizza in the world, according to a new report.
The average price of a slice at the restaurant is $11.50.
The pizza house has been a fixture in New York’s restaurant scene for decades, and its reputation has helped it survive the recession.
But the pizza place’s reputation has been hurt by the recent closure of its parent company, Papa John’s.
A new report from Bloomberg Businessweek claims the chain is struggling to make the money to keep the pizza house open.
Bloomberg says Papa John and its parent, Pizza Hut, are losing $5.5 billion a year in revenue, or nearly 30% of the company’s total.
That would make it the sixth-biggest pizza chain in the U.S., behind only Papa John Bros., Pizza Hut and Papa John.
Bloomberg’s report says the loss will be felt even further by its employees.
It said the pizza restaurant’s employees are already struggling to get by as the chain’s revenue has fallen, and many have left.
Bloomberg says employees in Papa Johns pizza shops in Brooklyn, Queens, Staten Island and Brooklyn, New Jersey are expected to receive less than $25,000 per year over the next five years.
The chain is also struggling to compete with chains like Subway, which has been increasing its prices to attract customers.