Le Coeur de France is shutting down on February 19, Friday, the bakery chain announced via its Facebook page on February 11.
The 20-year-old French-inspired bakery café, known for its baguettes, croissants, and tarts, is owned by the Max’s Group, which acquired Le Coeur de France from the Pancake House Group when the former bought the latter in 2014.
It is also the second restaurant brand to be discounted by Max’s Group, as it previously closed down The Chicken Rice Shop due to operating losses, The Standard reported on Tuesday, February 16.
It had 13 branches three years ago, but it has since dwindled to four, located at Forbes Park in Makati, Shangri-La Mall in Mandaluyong, McKinley Hill in Taguig, and Tagaytay.
Max’s Group Deputy Compliance Officer Paul C. Cheah shared the company has no plans in rebranding it in the future, BusinessWorld reported on February 16.
“The management has just decided to revisit its business model. We're not close to the idea of relaunching the brand in future, but right now we want to evaluate the branch business model,” Chea said in the report.
The Max’s Group executive also added the closure will not affect sales of the group as there are “only four branches.”
The Standard also reported that around 19 employees will receive severance pay and will be subjected to talent matching with other brands within the group.
Other brands under the Max’s Group include Max’s Restaurant, Pancake House, Krispy Kreme, Jamba Juice, Yellow Cab, Dencio's, Teriyaki Boy, Sizzling Pepper Steak, Kabisera, and Maple.
The Max’s Group has 600 branches here and abroad at the end of 2015 and vies to have 200 branches overseas by 2020 across its brands.