The CEO of Burger King’s parent company, Restaurant Brands International Inc., said this week that the company plans to shut 300 to 400 outlets. In a conference call to discuss Q1 profits, the CEO, Joshua Kobza, said that the firm “historically” shuts “a couple hundred” Burger King stores per year.
Several significant Burger King franchisees have already declared bankruptcy this year, including Toms King in Illinois, EYM King in Michigan, and Meridian Restaurants Unlimited in Utah.
124 Burger Kings have already closed this year, according to a Restaurant Brands International announcement announcing the profits, lowering the total number in the United States to less than 7,000. In the call, Kobza said that in order to “improve the overall health” of the firm’s franchise system, the company intends to concentrate on working with smaller franchisees.
According to him, the firm only intends to let top-notch restaurateurs who will operate locally and with regional ownership to establish new restaurants or purchase those that already exist.
The willingness of our franchisees, who own several restaurants, to collaborate with us and make the required modifications is one of the most crucial components, he said.
A “fair degree of uncertainty regarding exact numbers” of the upcoming closures, Kobza said. He said, “This will rely, in part, on the speed of recovery in the industry, which we’ve already started to observe. The business did not provide a more detailed schedule or specify which stores will close. Despite the closures, Burger King US claimed an 8.7% increase in sales.
In A Move To Preserve Company’s Health, Burger King To Close 400 Stores |
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