The Board of Directors of FoodBuzz (Private) Limited, the sole custodian of franchise rights for BreadTalk in Sri Lanka decided to temporarily suspend its business operations.
The parent of FoodBuzz , RIL Properties PLC announced that all BreadTalk outlets will be closed from March 20, 2021 until further notice.
“We have been advised by FoodBuzz (pvt) Ltd, our wholly-owned subsidiary, that due to adverse market conditions resulting from the Easter attacks as well as the ongoing pandemic, the Board of Directors of FoodBuzz have decided to temporarily suspend their business operations until a decision is made on the way forward,” RIL Properties said.
During the immediate aftermath of the Easter Sunday Attack, FoodBuzz witnessed customer demand decreasing rapidly for BreadTalk, affecting business unexpectedly.
Eventually, demand and sales experienced a stable improvement, but once again fell into a recess following the COVID-19 pandemic.
The Singapore-based franchise, BreadTalk entered the Sri Lankan market in 2012 after appointing FoodBuzz as the sole custodian of franchise rights for BreadTalk in Sri Lanka, and FoodBuzz became part of R I L in 2015.
Singapore based franchisetice