There may be some pandemic-related winnowing of the herd going on.
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What I'm hearing from my food service processing clients is that companies that sell to retail outlets are seeing little to no effect - some have increasing sales. Those are the brand name companies, especially those that provide foods that can be stored (canned, frozen, aseptically packaged). "Comfort foods" are also doing well.
The food service industry is getting bombed, except in a few sectors. The food service sector that is doing fine is sales to restaurants and fast food chains for which take-out has generally been the biggest part of their business (think KFC and Taco Bell), where the in-store seating is minimal. Whereas operations, even fast food, that relied more on in-store are doing poorly, and that is traveling up the supply chain. I know of companies that are simultaneously shutting down some production lines where sales have collapsed, while doing everything they can to expand production on lines where demand is soaring.
Surprisingly, this seems to be a good time to be a producer of Tater Tots and similar products, as compared with French fries. (Tater Tots is a registered trademark of Kraft Heinz, so if you see "Tater Tots" on a package that's a Kraft Heinz product. But there are several companies that provide competing products, that are equal to or better than real "Tater Tots".)
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That's background for my main point. Although I have little involvement in the pizza end of the market, I would guess that operations that have built their business on pizza-to-go, especially the take-and-bake operations, are probably doing well, as are the operations that focused heavily on delivery. But operations that relied more on in-store sales and consumption are doing worse,
And if Pizza Hut was the most tenuous of those operations, it's not surprising they might the operation getting thinned.
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Personally, 50+ years ago when I was in high school, Pizza Hut was one of the places we would go to occasionally on the weekend. I don't think I've been to Pizza Hut more than two or three times since. In the 1980s when Chucky Cheese was the place where children of a certain age wanted to go, I remember thinking that if I wanted to eat mediocre pizza, we could go to Pizza Hut and get better pizza for less money. Which was a lesson that success too often has more to do with marketing and sales than with quality and execution.
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