RE: Longs v/s shortsPizza Pizza is well suited to the income trust model and is IMHO not likely to convert to a corporate structure in 2011.
Will they cut the distribution ? - I very much doubt it - they have a sizeable slush fund they can use if need be to tide them over to the Fall and winter months when sales traditionally pick up.
Technically the recession is over - although granted it will not be business as usual just yet.
However, in past economic downturns people have not stopped buying food - especially relatively modestly priced fast take out food like pizzas.