Max’s Group wrestles with weak demand amid lockdown, reopens select stores

MANILA, Philippines — Max’s Group Inc. (MGI) announced Tuesday some of its stores resumed operations starting April 5 in a bid to keep its business afloat amid falling demand and restrictive measures to contain the spread of the new coronavirus.

In a disclosure to the stock exchange, MGI said it reopened its stores “across select territories strategic to its business” and resumed its delivery and take-out services as well as humanitarian efforts.

MGI then assured the public that its stores underwent disinfection prior to the resumption of operations to insulate their customers and employees from the contagious disease, adding they are also enhancing existing health measures.

“We acknowledge the authentic market demand that has always remained for our deep, diverse roster of restaurant brands,” MGI said.

“We continue to monitor the current environment to execute the most effective and mindful means to sustain productivity and profitability,” it added.

Last month, MGI announced that a significant number of its stores, particularly in malls, would either be temporarily shut or would have limited operations after the government put Luzon on a month-long lockdown, which just got extended until the end of April.

MGI’s portfolio consists of homegrown and international brands such as Max's Restaurant, Pancake House, Yellow Cab and Krispy Kreme, among others.

On Monday, Shakey’s Pizza Asia Ventures Inc. (SPAVI) told the local bourse it maintained partial operations of its delivery and take-out services in Luzon despite the closure of majority of its stores amid the lockdown.

It added it is looking at gradually reopening more outlets over the next few weeks.

“This is an extraordinary time, but we are able to manage through by prioritizing a strong cash and liquidity position, and slowly increasing delivery and carry-out accessibility,” SPAVI President and CEO Vicente Gregorio said. — Ian Nicolas Cigaral