3707. Jollibee

Jollibee Foods Corporation (PSE: JFC) (widely known as Jollibee) is a fast-food restaurant chain based in the Philippines. As of December 2007, Jollibee has become one of the biggest fast-food chains in the world with 1,655 stores worldwide (although its own web site claims only 600) and total sales of more than US$1 billion. As of March, 2008, JFC has 1,466 stores in the Philippines namely, Jollibee (627), Chowking (377), Greenwich Pizza (236), Red Ribbon Bakeshop (194), Délifrance (28) and Manong Pepe's . According to its own web site, it has 23 stores overseas. As of end-September, 2008, JFC has 1,490 local and 228 foreign stores in its portfolio. The company acquired 80% of Greenwich Pizza Corp. in 1994, enabling it to penetrate the pizza-pasta market. From being a 50-branch operation, Greenwich has established a strong presence in the food service industry. In early 2006, Jollibee Foods Corp. bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash. In 2000, the company acquired Chowking, allowing Jollibee to be part of the oriental quick service restaurant market.[6] In 2005, they acquired Red Ribbon Bakeshop, another popular restaurant chain in the Philippines In 2006, the company acquired the franchise of Délifrance. This further expanded its penetration in the food service industry, particularly in the French cafe-bakery, a growing segment of the Philippine food market. In September of 2006, the company acquired the remaining 50% stake of Delifrance Asia Ltd. in Baker Fresh Foods Phils., Inc. (BFFPI). This means BFFPI is now a wholly owned subsidiary of Jollibee and that the listed food giant has the exclusive rights to operate Delifrance outlets in the country. "The acquisition involved a restructuring of all advances by Jollibee and Delifrance Asia amounting to P130 million into equity," a public statement said. Jollibee added that the strong sales posted by Delifrance encouraged it to buy out its partner. The corporate actions in buying out the minority shareholders in Greenwich Pizza (20%) and Delifrance (50%) were the prelude to a plan to integrate the Greenwich Pizza, Chowking, and Delifrance brands under one corporate entity[9]. Under this plan, merging of the subsidiaries would be implemented by having Greenwich Pizza Corp. and BFFPI folded into Chowking Food Corp. The surviving entity would be renamed Fresh 'N Famous Foods, Inc. No new shares would be issued as the assets of Greenwich and BFFPI will be injected into Fresh 'N Famous as additional paid-in capital Along with its Philippine brands, the company also runs a Chinese fast food chain, Yonghe King, in mainland China, and a popular teahouse chain from Taiwan called Chun Shui Tang (Spring Water Hall). Chun Shui Tang teahouse opened a branch on Shanghai's Huaihai Road on June 30, 2006 On July 25, 2007, Jollibee launched its pilot restaurant "Tio Pepe's Karinderia" in Edsa Central in Mandaluyong, to professionalize the Philippine carinderia business.[12]