Philippine fast-food king Tony Tan Caktiong has always wanted to rule the world.
“Since the start of Jollibee Foods 40 years ago, I have always dreamed [for] it to be the largest food company” on the planet, Tan Caktiong told shareholders in June 2018, explaining his decision buy struggling Denver-based hamburger chain Smashburger.
But after upping the ante in 2019 with the purchase of California-based Coffee Bean & Tea Leaf Co., and going up against the likes of international powerhouses such as Starbucks and Dunkin’ Donuts, Tan Caktiong’s dreams have met with a harsher reality.
Not only are both U.S. acquisitions still losing money, but the coronavirus pandemic has blown a gaping hole in Jollibee’s 2020 revenue forecasts. READ MORE (CACHED ARTICLE)
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