Taste Holdings, owner of Starbucks and Domino's Pizza franchises in South Africa, said on Friday it was abandoning the food business, and had already sold its 13 stores of the coffee chain to a consortium for 7 million rand.
The company said it was also in discussions on the sale of Domino's and its two other food businesses, restaurant chain Maxi's and The Fish & Chips Co, as part of a new strategy to become a solely luxury retail group. It had been trying to turn its food business around after putting Starbucks and Domino's expansions on hold a year ago amid losses - making Taste one of a string of retail firms hurt by a troubled South African economy.
In a statement, it said that after months of canvassing potential partners and capital providers, it had become evident that the money required to fund its plan could not be secured with the current business structure and market conditions. "Taste's board of directors has therefore revisited the previous strategy and has decided that it is in the best interests of the Company and all stakeholders to exit the food business," the statement said.
Wow! Yet they were recruiting just a week ago. How does that work?
Why?
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