Jollibee is closing Manong Pepe chain
On Monday, Fast food giant Jollibee Foods Corp. said it is closing its low-cost homestyle Filipino food chain Manong Pepe. Such act aims to concentrate on growing its larger quick service restaurants such as newly acquired Mang Inasal.
In its announcement to the stock exchange, Jollibee said its wholly owned unit Fresh N’Famous Foods Inc. " shall stop operating its Manong Pepe Karinderia effective April 9, 2011."
"The move is part of JFC’s plan to concentrate resources in building larger quick service restaurant businesses," Jollibee said.
Manong Pepe, which serves Filipino food at cheap prices, began operations in 2007. As of today, it has 20 stores in Metro Manila.
The divestment surfaced when Jollibee acquired for P3 billion 70% of chicken barbeque chain Mang Inasal, which has 345 outlets.
Mang Inasal is Jollibee’s third-largest business after Jollibee itself and Chowking.
"For now, Jollibee will concentrate on building Mang Inasal. However, it will retain and maintan its ‘Manong Pepe’ trademark and operating processes for potential use in the long term."
"It also plans to convert existing Manong Pepe stores to its other brands where the sites are suitable," Jollibee added.