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More Losses For KFC Indonesia
They’ve closed 47 outlets and laid off 2,274 employees
KFC Indonesia is facing tough times. The company, owned by Gelael and Salim Group under PT Fast Food Indonesia Tbk (FAST), reported a net loss of 557.08 billion IDR (around US$36 million) by the end of Q3 2024.
As a result, they’ve closed 47 outlets and laid off 2,274 employees.
As of September, FAST reduced its store count to 715 from 762 in 2023, and its workforce has shrunk to just over 13,700 employees, down from nearly 16,000.
A big reason for the revenue hit is a sharp drop in food and beverage sales, which totalled 3.57 trillion IDR for the third quarter, marking a 22.4% decline compared to last year.
The company’s leaders say these challenges stem from lingering COVID-19 impacts, combined with worsening market conditions and the ongoing Middle East crisis, all of which have slowed their recovery efforts.