Jollibee absorbs three non-operating subsidiaries

Fastfood giant Jollibee Foods Corp. will absorb three wholly-owned subsidiaries in line with efforts to cut on costs and enhance administrative efficiency.

In a disclosure to the Philippine Stock Exchange, JFC said it will consolidate ownership over three non-operating subsidiaries – Mary’s Foods Corp., Donut Magic Phils. Inc., and Ice Cream Copenhagen Phils. Inc. through a merger process where Jollibee will be the surviving entity.

JFC earlier formed a new international holding company to directly manage its businesses in the United States. The move was in line with the group’s continued commitment in its businesses in the US.

This after JFC deciced to absorb its offshore units Superior FSC Corp. and FSC Foods Corp. FSC Foods owns the eight Jollibee branches in the US.

The Jollibee stores in the US are located mainly around the San Francisco Bay and Los Angeles areas.

Of the 11 stores currently in operation, eight are Jollibee restaurants and three are Tomi’s Teriyaki, a Japanese fastfood restaurant acquired by the JFC Group in 2001.

The JFC Group is accelerating its restaurant expansion program this year as it aims to put up 80 to 100 new stores both here and abroad to further enhance its market leadership.

The expansion will enable the fastfood firm to serve new or underserved trade areas as well as to widen lead over competition. These new stores will comprise JFC’s flagship business, Jollibee; Chowking, Greenwich, Delifrance, and newly-acquired Tomi’s Teriyaki.

The Jollibee brand is one of the most well-known and strongest consumer brands in the country, serving burgers and crispy chicken. Chowking serves Oriental food while Greenwich is one the leading players in the pizza-pasta market.

Delifrance, on the other hand, is a significant player in the French bakery-café segment. Tomi’s Teriyaki, meanwhile, is JFC’s entry in the Japanese-themed fast food service industry.

The JFC Group operates the Philippines‚ largest fastfood network. It had a total of 988 stores worldwide as of end-December last year: 467 Jollibee, 245 Chowking, 213 Greenwich, 30 Delifrance and 33 stores abroad.

With the acquisition of Yonghe King in China, the group’s total stores worldwide have grown to 1,065.