Restaurant operator Jollibee Foods Corp. and Dunkin’ Donuts Franchising LLC announced Wednesday the termination of the master franchise agreement for operations and expansion of Dunkin Donuts in China.
Jollibee said in disclosure to the stock exchange it also ended the operation of Beijing Golden Cup Corp., which runs seven Dunkin’ Donut restaurants in Beijing.
Jollibee chief executive Ernesto Tanmantiong said the company’s priority is “to realize attractive value for our shareholders by concentrating our resources on our businesses with the highest growth potential.”
Jollibee said it would focus on building its business in China through its larger business there. The fast food company owns three restaurant brands in China including Yonghe King (418 stores), Hong Zhuang Yuan (55 stores) and Tim Ho Wan (13 stores).
It also has 21 Jollibee stores in Hong Kong and three Jollibee stores in Macau.
