Pizza Hut plans to close up to 500 locations in the next two years.

The move comes as the chain shifts its focus from dine-in restaurants to smaller stores devoted exclusively to carryout and delivery, Waco, Texas, TV station KCEN reports.

Executives from Yum! Brands, owner of Pizza Hut, say the restaurants that will close are underperforming. Some will be relocated.

"Ultimately we know that the economics of building a modern delivery asset work quite well for us," Yum! Brands CEO Greg Creed said. "Any area where a store closes, there should be the opportunity to rebuild the store in that area or somewhere nearby."

There are more than 7,000 Pizza Hut restaurants nationwide, with about 6,000 dine-in locations and another 1,000 focused on carryout and delivery.

In addition to Pizza Hut, Yum! Brands also owns the KFC, Taco Bell and WingStreet chains.