Homegrown fast-food giant Jollibee Foods Corp. (JFC) is spending P7 billion to implement “significant” changes to its global business structure, including the streamlining of non-performing stores and beefing up delivery, take-out and drive-through services.
The expense provision for this transformation – which assumes that the world will not quickly revert to the pre-coronavirus pandemic period – will be set up in the second quarter
of 2020 and will be incurred mostly within the year, JFC told the Philippine Stock Exchange on Friday.
Jollibee chair Tony Tan Caktiong said: “2020 is an extremely challenging year for JFC as for most other businesses, but out of this transformation, we aim to emerge in 2021 as an even stronger business and organization. Regardless, our mission has not changed: to serve great tasting food, bringing the joy of eating to everyone! Our vision remains the same: To be one of the top five restaurant companies in the world.”
The planned changes will take place in JFC’s businesses around the world, most importantly in its largest markets – the Philippines, China and North America.
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