Famous Brands, the owner of Wimpy, Debonairs, Steers and Mugg & Bean, has seen its share price register a marginal gain in the past year. The one-time darling of the market is finding it increasingly difficult to operate, forcing it to close stores in underperforming areas and exit some of its other brands. Speaking on the sidelines of the group AGM, Famous Brands CEO Darren Hele told Business Times: "We were clear that there would be a lot more abnormal closures than we are accustomed to . there were a couple of big chunks in there. There were some big store [closures] in Nigeria and the withdrawal from markets like Egypt, which saw the closure of five Bread Basket sites. "When you start to add those up they become big chunks and make the number look abnormal for the year." In the past year, Famous Brands closed 24 stores in its rest-of-Africa and Middle East region. In SA, the group closed 76 stores among its mainstay brands, including Wimpy, and 20 stores of niche brands, includi...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.