FUKUOKA -- Royal Holdings Co. announced on May 14 that it will close about 70 unprofitable outlets of its Royal Host and other restaurant chains in Japan due to the effects of the novel coronavirus pandemic.
As of the end of March, the company, based in the southwestern Japan city of Fukuoka, operated 560 outlets of Royal Host, Tenya and other restaurants. Sales at Royal Host outlets in Japan in April decreased 57.9% compared to the same period a year earlier. On May 14 Royal Holdings downgraded its business forecast from January through June from a 50 million yen profit to a 15.5 billion yen loss.
The company will request financial institutions to set a credit line of 10 billion yen.
(Japanese original by Hiroshi Hisano, Kyushu Business News Department)