Pizza Hut could soon be up for sale.

Yum Brands, Pizza Hut’s parent company, said Tuesday it’s conducting a formal review of options for the brand, which has struggled to compete in a crowded pizza market.

Yum CEO Chris Turner said Pizza Hut has many strengths, including a global footprint and strong growth in many markets. Pizza Hut has nearly 20,000 stores in more than 100 countries, and its international sales were up 2% in the first nine months of this year. China is its second-largest market outside the U.S.

But Pizza Hut gets nearly half its sales from the U.S., where it has around 6,500 stores, and U.S. sales fell 7% in the same period. Pizza Hut was long saddled with large, outdated dine-in restaurants at a time when consumers wanted fast pickup and delivery.

In 2020, one of Pi

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