⁍ Restaurant Brands International Inc said on Thursday it will close hundreds more outlets this year.
⁍ The owner of Burger King and Tim Hortons looks to shore up capital to weather a sales hit from the COVID-19 pandemic.
⁍ Sales at Burger King and Tim Hortons have been hammered in recent months due to coronavirus-led restrictions on indoor dining.
– The owner of Burger King and Tim Hortons says it will close hundreds of locations as part of a plan to shore up capital to deal with a sales hit from the H1N1 flu pandemic, Reuters reports. Restaurant Brands International says it will close between 400 and 500 locations across North America this year. CEO Jose Cil says Tim Hortons has been especially hard-hit by the H1N1 outbreak in Canada, which has slowed the pace of reopening stores. “Canada has generally followed a measured pace of reopening, which has helped effectively contain the virus, but has led to a slower pickup in activity and re-establishment of routines,” Cil says. The company, which also owns the Popeyes Louisiana Kitchen chain, says it expects to end 2020 with around 27,000 locations, the same as last year.
Source: https://www.reuters.com/article/us-rstrnt-brnd-results/restaurant-brands-to-close-hundreds-more-outlets-to-weather-pandemic-idUSKCN2521IW