Shanghai Hotpot restaurant chain “12 Sabu,” owned by Philippine fast-food giant Jollibee, will close down by the end of the year.
This was revealed by Jollibee Foods Corporation yesterday in a notice to the Philippine Stock Exchange.
“JFC will focus on building its larger and fast-growing businesses in China and other parts of the world,” the company said in a statement quoted in the Inquirer.
According to a GMA News report, the company entered a partnership agreement with Taiwan-based Wowprime Inc. to operate 16 outlets in mainland China, mostly in the Shanghai area.
As of today, Jollibee operates 2,756 restaurants in the Philippines, including other brands like Chowking, Greenwich, Red Ribbon, and Mang Inasal.
The number of overseas restaurants it operates is now at 888, according to a report in local news site Interaksyon.
This brings the total number of Jollibee restaurants to 3,644, or 356 stores short of its 4,000 store target.
In September, it was reported that JFC is considering to buy British sandwich chain Pret a Manger.
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