India, Aug. 6 -- Pizza Hut's decline can be seen clearly in Pigeon Forge, Tennessee. Highway 321 runs through the tourist town, surrounded by motels, amusement parks, fast-food restaurants and the Great Smoky Mountains National Park. Inside one Pizza Hut branch, the restaurant looks old and tired, with beige walls, yellowing windows and faded "We love USA" decorations.

The restaurant experience itself shows how much Pizza Hut has changed. Customers can wait nearly 30 minutes for a large pepperoni pizza that costs $22. The thick crust is covered in oil, while the restaurant has a quiet and dated feel. Pizza Hut restaurants are disappearing across the US. One location after another has been closing, showing how far the once-famous American...