“It can be expected that for the remainder of the year, there will be an acceleration in the closure of unprofitable stores and the roll-out of new stores will be controlled in mindful adherence to the Company’s scheduled pipeline,” said Max’s President and Chief Executive Officer Robert F. Trota.
The group has a total of 745 branches (it added 34 new stores over the last 12 months), of which only 630 stores were in operation, albeit limited, as of 30 June 2020. Aside from its flagship fried chicken restaurant, the group also owns Yellow Cab, Krispy Kreme and Pancake House.
“As of mid-June, local government restrictions for dine-in operations were eased, aiding in the steady recovery of sales, particularly for the Max’s Restaurant and Pancake House brands. The Yellow Cab and Krispy Kreme brands, powered by intrinsic demand in delivery and take-away channels, have demonstrated resilience and market relevance during the quarantine period,” Trota said.
Aside from letting go of losing stores, owners have alo enforced a substantial cut in top executive pay which dropped 18 percent to P72.8 million in the first half this year.