Restaurant Franchisor MTY Food Group to Axe 68 Underperforming Stores
MTY said 68 corporate-owned locations had combined losses of more than $10 million in the past year and will close them over nine months.
- On Friday, July 10, 2026, MTY Food Group Inc. reported second-quarter net income of $15.4 million, down from $57.3 million last year, and announced plans to close 68 corporate-owned locations.
- Revenue reached $279.9 million for the quarter, an 8.2% decrease from 2025, while same-store sales fell 2.1% amid a challenging operating environment affecting consumer spending.
- Management recorded a $7.5 million impairment charge on right-of-use assets as the 68 locations targeted for closure generated combined losses exceeding $10 million over the past 12 months.
- MTY declared a quarterly dividend of $0.37 per common share on Friday, scheduled for payment on August 14, 2026, to shareholders registered by August 4, 2026.
- CEO Eric Lefebvre said strategic initiatives including leveraging data and AI to enhance customer communication aim to position the business for growth once economic conditions improve.
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The MTY Group, which owns Sushi Shop, Van Houtte, Thai Express and Tiki-Ming, will close 68 restaurants in the coming months, but not here.
MTY Food Group, a franchisor and restaurant operator, announced its intention to close 68 underperforming owner-owned establishments in the next nine months, while it reported a decline in profit and turnover in the second quarter compared to the previous year.
Financial Post
The Manila TimesMTY Reports Second Quarter Results for Fiscal 2026
GAAP Measures: Segment profits were $59.9 million during the 13 week period ended May 31, 2026 (the “second quarter”), a decrease of $9.4 million compared to the same period in 2025. Impairment charge on right-of-use assets of $7.5 million during the 13 week period as a result of management’s decision to close 68 of its […]
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