Jollibee embarks on global business restructuring

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Homegrown fast-food giant Jollibee Foods Corp. (JFC) is shelling out P7 billion to embark on a “significant” global business restructuring to cope with what could be a prolonged fallout from the new coronavirus disease (COVID-19) pandemic.

As Asia’s most valuable restaurant chain braces for poor earnings performance this year, it intends to streamline nonperforming stores and beef up delivery, takeout and drive-through services across its businesses around the world, especially in its largest markets—the Philippines, China and North America, the company told the Philippine Stock Exchange on Friday.

The expense provision for this transformation—which assumes that the world will …

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The Philippine Daily Inquirer, popularly known as the Inquirer, is an English-language newspaper in the Philippines. Founded in 1985, it is often regarded as the Philippines' newspaper of record.

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