Famous Brands, the parent company of well-known fast-food chains such as Steers, Debonairs Pizza, and Fishaways, has closed several outlets across South Africa, citing the country’s tough economic conditions.
The company also owns a range of other popular brands, including Wimpy, Mugg & Bean, Milky Lane, and a variety of Signature Brands such as Lupa, Paul, Turn n Tender, Salsa, Vovo Telo, and Mythos.
47 Restaurant Closures in the Last Year
Famous Brands has taken decisive action in response to the challenging consumer environment by shutting down underperforming locations.
Between March 1, 2023, and February 29, 2024, the company closed 47 restaurants in South Africa, according to the Daily Investor. The closures included:
- 14 Steers outlets
- 5 Debonairs Pizza outlets
- 11 Fishaways restaurants
- 7 Mugg & Bean restaurants
- 6 Wimpy outlets
- 4 Milky Lane outlets
The company also shut down 19 restaurants within its Signature Brands portfolio. This included converting 10 Fego Caffés into Mugg & Bean locations.
Further Closures in 2024/2025
The closures have continued into the first half of the 2024/2025 financial year, with Famous Brands shutting down 14 outlets from its Leading Brands and 4 from its Signature Brands.
A Challenging Period for The Company
Famous Brands faced significant difficulties between 2016 and 2020, with the Covid-19 pandemic further compounding its troubles. However, the company has since recovered. Its share price, which hit a low of R24 per share in April 2020, has rebounded strongly. The stock is now trading at around R70 per share, marking a 185% increase.
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