JOLLIBEE Foods Corp. said on Thursday it has discontinued its hotpot restaurant operations in China to focus on its larger and faster-growing businesses.
“Jollibee will focus on building its larger and fast-growing businesses in China and other parts of the world,” the
company said in a disclosure to the Philippine Stock Exchange.
Jollibee said 12 Hotpot (Shanghai) Food and Beverage Management Co. Ltd., which it owned 48 percent, discontinued operations effective Tuesday. The company had operated 16 stores mostly in Shanghai.
“The 12 Hotpot business had not been consolidated in Jollibee’s financial statements and store count as it owns less than majority (48 percent) of the joint venture,” it added.
With the discontinuation of the business, the stores will be liquidated along with the joint venture firm.
In August 2012, Jollibee entered into an agreement with Hoppime Ltd. to establish WJ Investments Ltd. to own and operate the 12 Hotpot brand in China, Hong Kong, and Macau.
As of end-September, Jollibee’s businesses in China include Yonghe King, Hong Zhuang Yuan, and Dunkin’ Donuts, as well as Happy Bee Foods Processing Co.