Dunkin’ Donuts and Baskin-Robbins to close in SA
Grand Parade Investments says it is liquidating the outlets of the two US chains after failing to sell them
Grand Parade Investments, the Southern African franchise owner of US chains Dunkin’ Donuts and Baskin-Robbins, announced on Friday morning that it is closing its outlets after failing to sell them. The decision to close the SA outlets of the US fast food chains followed a warning in Grand Parade’s 2018 financial year results that the company had been badly hurt by the introduction of sugar taxes and rise in the VAT rate. Grand Parade is also the local franchiser of Burger King, which it said it remains committed to. “Shareholders are hereby advised that Grand Parade will exit its poor-performing assets Dunkin’ Donuts and Baskin-Robbins and has today filed an application for the voluntary liquidation of these businesses,” the statement said. “The decision to exit Dunkin’ Donuts and Baskin-Robbins was made following sustained losses in these businesses and an unsuccessful process to dispose of these businesses. The decision is in line with the company’s value-based strategy, which aim...
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