Thursday, August 25, 2005
Jollibee Foods signs deal to purchase Red Ribbon
Jollibee Foods Corp. signed an agreement with owners of Red Ribbon Bakeshop (RRB) to acquire full ownership of RRB’s business and operations in the country and in the US.
Jollibee in a disclosure to the Philippine Stock Exchange yesterday said the acquisition is subject to completion of a final due diligence and the execution of the final sale and purchase agreement.
Red Ribbon started in 1979 as a home kitchen baking cakes for friends and relatives. It has grown to 147 store outlets, 131 of which are in the country while the rest are located in different areas in California.
Red Ribbon’s total revenues for fiscal year ending June 30, 2005 reached P2.5 billion.
The Jollibee Group, on the other hand, had total revenues of P26.2 billion in 2004. As of end of June, it has 1,079 stores: 508 are Jollibee outlets; 310, Chowking; 228, Greenwich; and 33, Delifrance.
It also operates 121 stores abroad, including 88 Yonghe King outlets in China. (LAP)
(August 25, 2005 issue)
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