Max’s Group decides to shutter losing French bakery chain
Max’s Group Inc. (MGI), the country’s largest casual dining operator, is shutting down the four remaining branches of Le Coeur de France as part of the company’s rationalization plan.
A notice posted on its social media account on Monday read: “On Feb. 19, 2016, Le Coeur de France will be closing [its] doors for the last time. While we are saddened that we will no longer be part of your daily routine, we are deeply grateful for the opportunity to have been part of your community.”
In a text message, MGI chief finance officer Dave T. Fuentebella said: “(The brand was) performing below expectation, so we decided to close the stores and park the brand for now.”
Fuentebella said the bakery chain was contributing minimal revenues to the Max’s Group, which currently manages about 550 branches across different brands. These brands include Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Maple, Kabisera, Singkit and Sizzlin’ Steak.
Fuentebella said, however, that while the group decided to close down the Le Coeur stores, it would continue to keep the brand for evaluation in the future.
For 2016, the Max’s Group targets to open 60 to 80 branches across its different brands. Of this number, about 20 will be abroad.
MGI signed last month a franchise partnership with Chinese firm JuYangYiTong of the Zhongfa Group, which would bring the Yellow Cab brand to China.
Max’s Group CEO for international operations Peter King earlier said the company was confident of hitting its target of 200 international stores by 2020. The group was eyeing to put up these stores across the Asia Pacific region, Middle East and North America.
As of end 2015, the Max’s Group already had 34 branches abroad.
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