Restaurant sequence owners MTY lays off workers, cuts division as COVID-19 hits food courts hard

MTY Food Group Inc. has dangling a quarterly dividend, temporarily laid off over half of a workforce and reduced a bottom salaries of a care team.

The owners of brands such as Thai Express, Tiki-Ming, Tutti Frutti and Valentine says approximately 2,100 restaurants in a network have temporarily sealed while a rest are handling in a reduced ability due to a COVID-19 pandemic.

MTY says many of a corporate restaurants are closed, with a difference of those handling underneath a Papa Murphy’s brand.

Last month, MTY pronounced it would postpone a collection of royalties from franchisees for 4 weeks in an bid to assistance those influenced by a stairs taken to delayed a widespread of COVID-19.

The Montreal-based association franchises and operates quick food and infrequent restaurants underneath some-more than 80 opposite banners in Canada, a United States and elsewhere.

It expects to record a first-quarter financial formula by May 15.

Article source: https://www.cbc.ca/news/business/mty-food-court-covid-19-1.5523104?cmp=rss