Under $9.7 million lost in TGI Friday's Barbados closure
Saturday, August 31 2013 @ 11:00 AM AST
Contributed by: michaelariston
Christian Mouttet, chairman of Prestige Holdings Ltd (PHL) today announced the closure of TGI Friday's restaurant in Barbados through a press advertisement. PHL is a Trinidad & Tobago-headquartered restaurant management company that holds the franchise for KFC, Pizza Hut, TGI Friday's and Subway in several Caribbean territories.
Mouttet said: "Our investment in Prestige Restaurants Limited, the company which operates the TGI Friday's Restaurant in Barbados, is a sunk cost, and the impact on our profit and loss (P&L) in 2013 is estimated to be not more than $9.7 million. PHL's directors view the decision to close this restaurant positively. We do not expect the impairment provision to affect our dividend policy and payments. This change will have no impact on the other TGI Friday's Restaurants we operate in the region."