In a statement, Tim Hortons president Axel Schwan confirmed that Ms. Horton-Joyce had transferred her restaurants to a family member, “and in addition to other extended family members who are current franchisees, this means that these important family legacies with the Tim Hortons brand will continue.”
Ms. Horton-Joyce did not attribute her retirement decision to the recent tensions, writing only that the move came “sooner than I anticipated but for a variety of reasons it is the right time,” according to the letter. “I will still have family involved in the business and I want them to continue to prosper.”
Sales across the Tim Hortons chain have been going up, but cost pressures have squeezed restaurant owners’ profits. In February, Restaurant Brands disclosed that the average Tim Hortons location made $220,000 in earnings before interest, taxes, depreciation and amortization in 2022 – down from $320,000 in 2018 when the company last reported those numbers. It has committed to reporting profit numbers annually in the future.