BEAMSTART Logo

Jollibee loses $244 million; closing 255 stores worldwide.

Business gains have been wiped out by the pandemic.


Jollibee loses $244 million; closing 255 stores worldwide. | BEAMSTART News

- From our Sponsors -

Popular fast food chain, Jollibee, will be closing 255 stores worldwide as the devastating effects of the pandemic continue.

The company announced that it has suffered a net loss of 12 billion Philippine pesos (US $244 million) in the first half of 2020. Most of the company's outlets are in the Philippines.

- Featured Sponsor -

To put things into context, the company made a net profit of US $51 million during the same period last year.

Jollibee's Dine-in customers have fallen sharply.

During the lock-downs, close to half the company's outlets had to be temporarily shut down during the second quarter. That is close to 3,000 stores closed worldwide.

This led to sales plummeting by a staggering 48.4%, amounting to 30.7 billion Philippine pesos (US $626 million).

While 88% of stores have reopened in limited capacity at the end of the second quarter, revenue has fallen sharply due to a lack of dine-in customers.

COVID-19 numbers in the Philippines are still rising sharply.

According to Mashable, Jollibee's parent company presently operates 3,286 stores in the Philippines and another 2,588 worldwide.

Some of the brands it carries in the Philippines include Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, and Panda Express.

- From our Sponsors -

Latest Jobs

Digital Marketing Intern

Undrcut Digital Marketing

Singapore

Internship

SGD 1000 — SGD 1500 monthly

Influencer Marketing Associate

Niagahoster

Yogyakarta, Indonesia

Full Time

SGD 400 — SGD 1000 monthly

English Content Writer

Hostinger

Jakarta, Indonesia

Full Time

SGD 300 — SGD 600 monthly

Fund Accountant

Decacorn Capital

Singapore

Full Time

SGD 2500 — SGD 5000 monthly

Investment Analyst

Accial Capital

Singapore

Full Time

SGD 4000 — SGD 6000 monthly

Enterprise Solution Project Manager

Hukumonline.com

Jakarta, Indonesia

Full Time

SGD 2000 — SGD 2100 monthly

Operations Executive

Yojee

Singapore

Full Time

SGD 2800 — SGD 3500 monthly

Site Reliability Engineer

Livit

Singapore

Full Time

SGD 2000 — SGD 3500 monthly

Live Streaming Operator

SIRCLO

Tangerang, Indonesia

Full Time

SGD 800 — SGD 1100 monthly

Mobile Developer

Koltiva

Jakarta, Indonesia

Full Time

SGD 1000 — SGD 1100 monthly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest news, events, and opportunities.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).