Papa John’s, a well-known American restaurant chain, is not going through its best moment in Chile and would be very close to bankruptcy in that nation, so much so that it recently requested to begin the process of financial reorganization.
Additionally, The company – which is run by Nicolás Ibáñez – stated in a press release that it has not been able to settle the debts it has with its creditors. He also indicated that the objective is to prevent the brand from disappearing there.
“Despite the actions carried out by the company, which have allowed it, up to now, to recover more than 50% of the ebitda that, due to the effect of the cost of food, the increase in the dollar and inflation, would have been lost; current cash flow conditions do not allow the company to timely meet payments owed to creditors.” indicated in the Financial Diary.
The chain, in the same way, took the opportunity to point out that it has not been able to reach an agreement so far with the banks to which it owes money and pointed out that the national inflation that exists in the South American country also affected them strongly.
“No agreement was reached. For this reason, it is essential to initiate a judicial reorganization procedure, in order to achieve different payment conditions for its debts, according to the availability that the company has today.” the company added.
Then he emphasized: “To this is added the impact of international food inflation, which affects imports from Papa John’s Chile, and the higher cost of the global logistics chain, that has not yet recovered from the effects of the pandemic.
The renowned company finally stressed in the newspaper that it will seek to reduce several of its costs in the different ingredients of the products and thus not affect the quality of its sales in Chile so much.
It should be remembered that the pizza restaurant chain has been present in Colombia for several years and has dozens of locations throughout the national territory. Currently, it is in 14 cities.
Five great brands that will arrive in Colombia
2023 is shaping up to be a period of recovery for the country’s economy, since big brands continue to bet on entering the national market and will arrive with multiple novelties.
Despite the fact that many decided to leave Colombia during this 2022, Next year five important companies will land in the country: Ikea, Ísimo, Daewoo, Bumble and Weberamong other.
After a long time of preparations, now we can finally offer in Colombia the Ikea range of well-designed, high-quality home furniture, produced with care for people and the environment”, initially indicated Maria Johansson, expansion manager de Inter Ikea Systems B.V.
The objective of the Swedish company, which today has more than 400 stores in 50 countries, is to open three stores, the first will be in the Calima Shopping Center in Bogotá, another will be located in the Mallplaza in Cali and the last one in Viva Envigado, Grupo Éxito shopping center. The person in charge of developing the business not only in Colombia, but also in Peru and Chile, will be Falabella.
