Yoshinoya can't take it anymore! Recently announced that it will close 150 stores around the world, which also involves the Chinese market.

It is understood that Yoshinoya currently has about 3,300 stores in Japan and abroad***, including more than 1,000 stores overseas***, and China accounts for 60% of them.

Yoshinoya will close 150 stores in the Chinese market

The epidemic, known as ? The beef rice dish has lost much of its appeal, as well as its appeal as a popular food. the beef and rice dish, has lost much of its appeal.

July 28, according to CCTV Finance, Yoshinoya announced that it would close 150 stores worldwide, including 100 in Japan and 50 overseas.

The person in charge said that Yoshinoya currently has about 3,300 stores around the world***, including more than 1,000 stores overseas***, with China accounting for more than 60% of them. The planned closure of overseas stores will also involve the Chinese market. As for the specific number of stores to be closed in China and the location information, the person in charge said it was not convenient to disclose at present.

The reason for Yoshinoya's large-scale store closures this time is mainly because of the sharp deterioration of business conditions under the epidemic. As a result of the emergency state of thousands of stores in Japan to close or shorten the opening hours, resulting in March to May this year, the cumulative loss has reached 4 billion yen, the full fiscal year is expected to lose 9 billion yen (about 600 million yuan).

On the other hand, the price of Yoshinoya's signature product, beef rice, has been popularly compared to the price of Yoshinoya's beef rice, because of its popularity among the Japanese public? the weathervane of the Japanese economy? , which generally doesn't raise or lower prices easily, and Yoshinoya ultimately had no choice but to close some of its stores to cut costs.

The officials said they would also reduce fixed expenses and increase revenue by cutting shareholder dividends and encouraging headquarters staff to work from home.

Yoshinoya goes public on shell listing

Shares down more than 90% from high

In late November 2011, Hop Hing Group (00047) announced that it had entered into an agreement with QueenBoard Limited (? the seller?) entered into an acquisition agreement. Under the agreement, Hop Hing acquired the entire share capital of the company, which operates the Yoshinoya fast-food chain and the DQ ice-cream chain in the mainland, from its major shareholder, the Hung family, for a total consideration of HK$3.475 billion in convertible securities. Thus, Yoshinoya, which wanted to list in Hong Kong, formally went public on a shell.

It is reported that the Hung family has nearly 80 years of history in Hong Kong, its industry across the supermarket, catering, food oil refining and processing. The injection into Hop Hing Group includes Yoshinoya in Beijing and Tianjin, Hebei, Liaoning, Heilongjiang and Jilin provinces, and does not include Yoshinoya in Hong Kong, which is operated by another private company in which the Hungs do not have a controlling stake.

Beijing Yoshinoya Fast Food Co Ltd, which operates the Yoshinoya and DairyQueen restaurant chains in north China, will be paid for by the issuance of convertible securities, according to eyeball data. Upon completion of the acquisition, the board of directors of Hop Hing Group Holdings Limited intends to appoint Hung Kee Ming as an executive director and chief executive officer of the group.

On Dec. 2, 2011, due to Hop Hing's $3.5 billion purchase of Yoshinoya disguised as a listing, Hop Hing Group soared 59.09 percent that day, with an intraday high of HK$0.644, and a final close of HK$0.524, which was also a stage high for Hop Hing, and then the stock price was ? fell off in a heap? that oscillated downward.

As of July 30, Hop Hing Group Corp. closed at HK$0.057 a share, down more than 90 percent from its peak price, with a current total market value of HK$574 million.

Yoshinoya's turnover accounted for 85 percent of the total

Sales of fast-food business plummeted in the first quarter

It is reported that Hop Hing currently owns the rights to operate fast-food chains including Yoshinoya, Ice Queen, Uncle Fong and its own brands, Yeh Yeh and Chacho Ting, in the northern part of China. It operates in Beijing and Tianjin, Hebei, Liaoning, Heilongjiang, Jilin, Henan, Shanxi and Shaanxi provinces and the Inner Mongolia Autonomous Region in China.

On March 30, Hershing Group, the parent company of Yoshinoya and Ice Queen (DQ), released its 2019 annual report, in which the company achieved a slight increase in revenue and net profit, with a net increase of 38 stores, and the revenue of Yoshinoya and Ice Queen's delivery business both increased. However, due to the impact of the epidemic, the company will slow down the pace of store openings in the first half of 2020 and focus its capital on securing operations.

According to the annual report, Hop Hing Group achieved operating revenue of 2.107 billion yuan in 2019, up 5 percent year-on-year, and profit attributable to the company's shareholders of 104 million yuan, up 0.6 percent year-on-year.

Hexing Group said that as of the end of December 2019, the company*** had 597 restaurants, including 385 Yoshinoya restaurants, which earned revenue of $1.782 billion and were the company's main source of revenue, and 189 Ice Queen restaurants, which earned revenue of $231 million.

Also in the first quarter, Hop Hing's fast food business saw a 43.2 percent decrease in sales for the period, a 43.9 percent decrease in same-store sales and a net decrease in the number of stores by 1 to 596.

In response, Hop Hing explained that the decrease in sales and same-store sales was due to the outbreak of a new coronavirus earlier this year, which adversely affected the business environment in the mainland and in turn affected the Group's sales performance. The Group has made every feasible effort to promote sales while ensuring the health and safety of its staff and customers. With the decrease in business traffic, the temporary closure of a number of outlets and the overall sales of the Group's operating outlets in the first quarter of this year were also significantly and adversely affected.

The restaurant industry has been severely affected by the epidemic, with a number of leading companies closing stores and laying off employees. Of course, Yoshinoya's dilemma of closing stores is just a microcosm of the Japanese restaurant industry under the epidemic. A number of Japanese restaurant chains, have recently announced the closure of a number of its stores. According to statistics, Japan's major restaurant chains in June sales fell more than 21% year-on-year. Under the predicament of many restaurants have also begun to change the menu, push takeout to seek transformation, and even some stores will store the classic dishes into frozen food for sale, in order to seek self-help.