I think you're on the right path, I would also add increased pizza competition and change in quality. Growing up, I remember Pizza Hut being THE game in town for pizza. Dominos was on the downswing and their only competition was a few local shops that tended to be neighborhood focused. Dominos really changed up their game, Papa Johns exploded, Little Caesars has found their niche and there has been a big upswing in artisinal pizzas, food trucks, etc. that all eat into their share. I am also convinced they changed up their recipe which isn't quite the same as it used to be. I haven't eaten pizza hut in over a year and a half and only a handful of times in the past 10 years because I had a store like a quarter mile away. If my family talks about getting pizza, PH never comes up as a preferred option.