Burger King announced tuesday an expansion plan to open more than 100 locations in Colombia in the next five years.
The Miami based chain signed a deal with Fondo Escala Capital and Promotora for the Colombia expansion.
The agreement is the latest international expansion for Burger King, which announced expansion deals in June for China and Russia.
Shares of Burger King Worldwide (NYSE: BKW) closed Tuesday at $14.18, up 6 cents, or 0.42 percent.
The 52 week high was $16.31 on June 21 and the 52 week low was $12.91 on Aug. 30.
Burger King entered Colombia in 2.008 and the chain currently has a strong following among consumers throughout Latin America and the Caribbean with a presence in 29 countries and about 1,250 restaurants in the region.
“Colombia’s economy is thriving and we believe this is a valuable market in our strategic mission to expand our footprint in the Latin America and Caribbean region,” said Jose Tomas, Burger King’s president of Latin America and Caribbean.
Within the United States, Burger King also announced a deal to sell 42 company owned Burger King restaurants in the metro-Atlanta area to GPS Hospitality, which is operated by Tom Garrett, former president and CEO of Arby’s Restaurant Group Inc.
Terms of the deal were not disclosed.
The deal includes a commitment to remodel 29 restaurants over the next three years.
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