Things aren’t looking so good for Sakae Holdings, the company behind Japanese chain restaurant, Sakae Sushi. It’s planning to close six more Sakae Sushi outlets by the first half of 2017, and that’s in addition to the shutdown of 10 out of its 46 branches over the past couple months.
The company has been making losses for the past two years due to the sluggish economy, rising operation and rental costs, as well as tough competition plaguing the F&B industry in Singapore.
But founder Douglas Foo remains positive despite the current situation, as he’s set his sights overseas, reports The New Paper. In Singapore, the number of Sakae Sushi restaurants will dip to about 30 this year, but in the region, the company has more than 60 outlets — 40 of which are in Malaysia — as well as another 80 associate restaurants that it has a small stake in.
This year will see three more restaurants opening in Myanmar.
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