06/29/2024 – 16:09
Zamp, which owns the Burger King and Popeyes brands in Brazil, said on Friday, the 28th, that it “is evaluating the opportunity to develop the Subway brand in Brazil”. “It is common to evaluate new investment opportunities that can generate value for the company and its shareholders”, it highlighted in a statement to the market.
Earlier this month, the company announced the purchase of Starbucks’ operations in Brazil for R$120 million. The brand belonged to SouthRock, which also owns Subway. The group has been in judicial recovery since the end of last year. On October 31, when it filed for recovery, the company reported having a debt of R$1.8 billion, 80% of which was secured by receivables.
In the request, SouthRock highlighted that it was facing problems since the covid-19 pandemic. With very low sales in 2021 and 2022, the company had been having cash problems and difficulty obtaining working capital from banks due to high interest rates in the country.
In a statement, Zamp reported that negotiations for the purchase of Starbucks had been ongoing since February. According to the company, the price of R$120 million offered to the chain of stores was subject to adjustments “to reflect, among other things, the number of stores actually acquired, as well as the level of inventory on the closing date (of the deal)”. SouthRock operated around 140 Starbucks stores in the country, but since the bankruptcy filing, many of these units have been closed.
In mid-June, Zamp also announced the departure of Ariel Grunkraut as CEO, after more than 13 years at the company. According to the statement to the market, Ariel was one of the seven founding partners who created the company in 2011. He occupied the company’s sales, marketing and technology area until 2021 and, over the last two years, “led the successful strategy marketing strategy that transformed Burger King into Brazil’s favorite fast food brand.”
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