Mar 2010 Financial News

Prestige Holdings closes on Long John Silver’s chain

Mar 02, 2010

Prestige Holdings decided to close its Long John Silver’s chain of fast food restaurants locally and is considering the future of TCBY Treats after poor performances in the past financial year.

In the group’s consolidated audited results for financial year 2009 which ended November 30, chairman and interim CEO, Joseph Esau, said in his report that two of the three Long John Silver’s restaurants were closed after the end of the financial year due to economic challenges in a highly competitive environment. The third restaurant is expected to be shut down soon.

Esau said three unprofitable TCBY outlets were closed by the end of last month out of the six existing outlets. He said the group is “considering all options for the future of this brand.” He also reported challenges experienced because of manpower shortages.

He noted in his report that KFC, Pizza Hut and TGI Friday’s continue to be leaders in their respective restaurant categories in Trinidad and Tobago, the group’s main market.

One new KFC outlet was opened in 2009 which brings the group total to 53 restaurants. He said despite a small increase in sales, profitability was affected by “increased costs in an environment of restricted pricing discretion”, resulting in no economic growth. Esau said however, seven restaurants were renovated and converted to the new KFC image.


Source:
Newsday
Tuesday, March 2 2010

http://www.newsday.co.tt/business/0,116604.html