As of December 2024[update], Pie Five operates 19 restaurants with locations in the following states: Arkansas, Illinois, Kentucky, Mississippi, Oklahoma, Oregon, Texas, and Virginia.

[5][6] On January 9, 2015, the parent company Pizza Inn Holdings (ticker symbol: "PZZI") was rebranded as a portfolio company named Rave Restaurant Group (ticker symbol: "RAVE") as Pie Five Pizza locations began to increase.

[10][11] In October 2019, RAVE Restaurant Group announced that its board of directors has named Brandon L. Solano as chief executive officer.

[12] In end-of-quarter/fiscal-year reporting as of October 2020, Pive Five comparable store retail sales had decreased 15.7 percent from the previous year, with most of the 42 locations said to be using third-party delivery services.

[13] A January 2021 analysis of the chain's struggles identified reasons such as a highly competitive market, very fast location growth and franchising, accustomizing pizza customers to the fast-casual individual experience, mixed reviews at individual locations that may have kept customers from returning, poor marketing investment, potential impending Nasdaq delisting, and a 2018 credit card security breach.