Jollibee Foods Corp., the country\\\'s largest fast food chain of restaurants, is letting go of its Delifrance franchise by the end of the year. [Read more on the performance of Jollibee Foods Corporation in 2009]
In a disclosure to the Philippine Stock Exchange, Ysmael V. Baysa, chief finance officer of JFC, said that the company\\\'s wholly owned subsidiary, Fresh ‘N Famous Foods, Inc., will be completing the sale and purchase of assets of Delifrance to CaféFrance Corp. by December 31, 2010. [Read how other business units of JFC are faring here]
Delifrance, which has 23 stores, would be sold at an estimated purchase price of P100 million to be paid in cash. Of the 23 stores, 20 are company-owned while three are run by franchisees. [Find out how JFC weathered the financial crisis here]
“CaféFrance Corp. intends to operate a café business in all existing Delifrance store locations under a new café concept and a new brand name. CaféFrance Corp. intends to hire all of the current employees of Delifrance,” Baysa said.
The JFC finance officer added that the sale of Delifrance will not have a material impact on the profit of the quick service restaurant giant. -Carlo P. Mallo