Max’s group stores numbered 667 as of end-March this year, down by 12 percent from 759 as of the same month a year ago.
Hardest hit was its Pancake House chain which closed down 20 stores or 14 percent to 124 stores since March last year.
Its pizza chain, Yellow Cab, lost 25 stores or 12 percent to 176 branches in the last 12 months.
The group’s flagship fried chicken restaurant closed down 12 branches (227 left) while Krispy Kreme shrank from 98 to 91 stores.
Other brands that downsized were Jamba Juice (from 19 to 14 stores), Teriyaki Boy (from 17 to 11), Dencio’s ( from 13 to 7 ), and Sizzlin’ Steak n from 9 to 5).
Max’s took a P1.037 billion hit from the store closures and write-offs while laying off 42 percent of 9,905 employees as of end-2020.
“The company continues to do an in-depth store network review to position each location for higher organic growth and profitability. The company plans to continue its expansion primarily thru franchised stores in the next few months,” Max’s said.
Over 40 percent of its remaining 667 stores are franchise-owned.