Jollibee, partners shut down ’12 Hotpot’ chain in Shanghai
Jollibee Foods Corporation (JFC) and its partners have decided to shutdown the 16 branches of the 12 Hotpot chain in Shanghai, People’s Republic of China.
12 Hotpot (Shanghai) Food and Beverage Management Co. Ltd., which is 48 percent owned by JFC, is the operating company behind the 16 store chain.
JFC said that with the discontinuation of the 12 Hotpot brand in China, such operating company will be “dissolved and liquidated”.
While it didn’t provide any reason that triggered the dissolution, JFC said that it will instead “focus on building its larger and fast-growing businesses in China and other parts of the world”.
It was in 2012 when the the joint venture began under an agreement between JFC’s wholly-owned subsidiaries Jollibee Worldwide Pte. Ltd. (JWPL) and Golden Plate Pte. Ltd. (GPPL); Wowprime Ltd., a subsidiary of Wowprime Corporation of Taiwan (Wowprime); and some key executives of Wowprime.