The struggling Pizza Hut restaurant chain will be sold for $2.7 billion by parent company Yum Brands.

Yum Brands said in February that it was considering selling Pizza Hut and the chain looked to close 250 U.S. restaurants. The pizza chain has struggled with outdated stores and growing competition.

Pizza Hut was founded in 1958 in Wichita, Kansas. PepsiCo acquired the chain in 1977 but spun off its restaurant division — which became Yum Brands — in 1997.

Private equity firm LongRange Capital is buying Pizza Hut, excluding the mainland China business, for about $1.5 billion, the company said Tuesday. The mainland China Pizza Hut will be purchased by Yum China Holdings Inc. for approximately $1.2 billion, it said.