The group is closing its stores in Latin America, “reducing” its size by half. The aim is to focus on operations in Portugal, Spain and Ireland, in an attempt to restore profitability.
Telepizza is closing its stores in Latin America, “halving” its volume. The goal is to restore its profitability, focusing on its operations in Portugal, Spain and Ireland, according to what the Spanish newspaper Cinco Dias reported on Wednesday.
According to the publication, Telepizza has closed 170 stores in Guatemala and El Salvador and will not stop there. It is also looking for buyers for another 600 stores in Chile, Colombia, Ecuador and Mexico.
Telepizza, which had a network of 2,368 establishments worldwide in 2o22, reduced that number to 2,180 last year. At the end of this process, there should only be 1,200 stores. After leaving Latin America, the group will focus on Portugal, Spain and Ireland to restore profitability, Cinco Dias writes.
According to the estimates shown in the table, Telepizza expects to achieve sales of 721 million this year, almost half of the 1,377 million estimated for fiscal 2023.
The group ended the first half of last year with losses amounting to 44.6 million euros, worsening the numbers compared to losses of 28.8 million euros in the same period last year.
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