The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Yum! Brands Inc said it’s suspending its share repurchase program and working to assist some franchisees as the coronavirus outbreak erodes sales.
The owner of the KFC, Pizza Hut and Taco Bell brands said in a filing that comparable-store sales — a key measure for restaurant companies — will likely decline in a range of mid to high single digits in the first quarter. The next quarter will probably be hit “more significantly,†however, “due to the increasing number of markets currently impacted.â€
Restaurant companies have been among the hardest hit as coronavirus disrupts life worldwide as governments order
widespread closures or limit operations to carry out or delivery only. Yum said its units borrowed $525 million from a revolving credit facility — joining other restaurant operators that have looked to shore up liquidity amid the sudden decline in sales.