Jollibee said Monday it closed 339 stores permanently due to challenges posed by COVID-19 as losses narrowed in the quarter ended September, signaling a potential recovery.
Of the total, 118 are in the Philippines while 221 are located abroad. On the flipside, it opened 180 stores at the start of the year as part of its expansion plans, of which 48 are local and 132 are abroad, according to a stock exchange filing.
Jollibee is opening more stores abroad, reviving old favorites like The Champ and Ultimate Burger Steak and pushing for deliveries to survive in the new normal. In the third quarter, it posted a net loss of P1.6 billion compared to P10.2 billion in the previous quarter.
"Our business is recovering from the pandemic in different parts of the world, some faster than others. This is made possible by the resilience and hard work of our people and business partners, the strength of our brands and in cooperation with the communities and government agencies where we do business," said its CEO, Ernesto Tanmantiong.
"We are now focusing our effort in rebuilding the business in a changed environment," he said.
The goal remains: to become one of the five top fast food brands in the world, he said.