Billionaire Tony Tan Caktiong’s Jollibee Foods Corp. has made the decision to cease operations of PHO24 restaurants in both the Philippines and overseas, as it has agreed to sell the unit to a foreign partner.
Jollibee, the fast food giant, is exiting its venture into the Vietnamese noodle chain, which it had initially intended to expand to over 100 domestic outlets during the pandemic. Jollibee had acquired PHO24 in 2018.
In an announcement filed with the stock exchange on Wednesday, Jollibee stated that it intends to shift its focus towards the growth of new businesses such as Tim Ho Wan, Yoshinoya, and Milksha.
As part of the agreement, Jollibee will be selling the assets of PHO24 to East-West Restaurant Concepts, a wholly-owned subsidiary of Viet Thai International Joint Stock Co.
PHO24 currently operates 14 company-owned restaurants in Vietnam, along with a pho factory. Jollibee also stated that the franchise agreement for operating PHO24 stores in the Philippines has been terminated.
Jollibee, which also owns local restaurants such as Mang Inasal, Red Ribbon, and Chowking, concluded the first quarter of 2023 with a total of 6,542 stores worldwide.
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