MANILA -- Homegrown fast-food giant Jollibee Foods Corp. (JFC) has discontinued operations of its 12 Hotpot brand in China to focus efforts on larger businesses.
JFC told the local bourse its 48-percent owned subsidiary, 12 Hotpot Food and Beverage Management Co. Ltd. (Operating Company), would be dissolved and liquidated after it stopped operations effective Tuesday.
The Operating Company owns and operated 16 stores in the Shanghai area.
“JFC will focus on building its larger and fast-growing businesses in China and other parts of the world,” it said.
JFC’s China sales grew by 17.2 percent in the second quarter of 2017 compared to the same period last year.
Its foreign business sales in the same period surged by 24.3 percent, led by Southeast Asia, including the Philippines, with growth of 42 percent; North America by 32.5 percent; and Middle East by 32 percent.
“All these regions are profitable and had significantly improved their profitability versus prior years. JFC will continue to drive strong profitable growth of these businesses, along with the Philippines in the years ahead,” it added.
JFC operates the largest food service network in the Philippines. As of Sept. 30, 2017, it was operating 2,756 restaurant outlets in the country: Jollibee brand, Chowking, Greenwich, Red Ribbon, Mang Inasal and Burger King.
The JFC Group’s worldwide store network reached 3,644 stores. (PNA)
