Toronto Stock Exchange: BPF.UN
VANCOUVER, March 27, 2020 /CNW/ - Boston Pizza International Inc. ("BPI") announced today that it is temporarily laying off approximately half of its 192 corporate staff across all three offices in Canada due to a significant decline in business caused by COVID-19.
Since the beginning of the COVID-19 health crisis in Canada, BPI has taken its lead from government and public health authorities. On March 18, 2020, BPI announced it proactively closed all Boston Pizza dining rooms and sports bars across Canada, including Boston Pizza restaurants located in municipalities and regions where such closures have not yet been mandated, in an effort to help "flatten the curve" during the rapidly evolving COVID-19 situation. Kitchens in many of Boston Pizza's nearly 400 independently and locally owned restaurants continue to support Canadians by providing dine-at-home options through take-out and delivery services.
"Today is a challenging day for BPI and our valued team of dedicated employees. The reduction in operations across our restaurant network has resulted in a dramatic decline in sales making it impossible to sustain our current level of staffing during this period. Just as our independently and locally owned restaurants have been forced to make difficult decisions and significant changes to adjust to this period of depressed sales, so must we", said Jordan Holm, President of BPI.
Virtually all of Boston Pizza's nearly 400 independently and locally owned restaurants have had to make similar very difficult decisions to layoff many of their staff, moving to a crew of mainly kitchen personnel and delivery drivers as they adjust their operations to Take Out & Delivery only. In some locations, Franchisees have chosen to temporarily close altogether.
"We are deeply saddened by the dramatic measures we have had to take today. While it is too early to know what the future holds", said Mr. Holm, "I am hopeful, as I'm sure all our Franchisees are, that sooner rather than later we'll be recalling employees to our offices and staff to restaurants as business and society returns to normal. These are difficult and challenging times for everyone."
BPI will continue to monitor the effects that the rapidly evolving COVID-19 situation has on its business and will make responsible adjustments to its business as circumstances warrant.
BPI is Canada's number one casual dining brand with annual gross sales of over $1.1 billion serving more than 50 million guests through over 390 mainly Franchisee operated restaurants. The Boston Pizza brand has successfully existed for over 55 years since opening its first restaurant in Edmonton, Alberta in 1964. BPI has been recognized as a Platinum Member of Canada's 50 Best Managed Companies and has been a Franchisees' Choice Designation winner for eight consecutive years.
Certain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of BPI, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that BPI or its management expect or anticipate will or may occur in the future, including such things as, BPI being hopeful that sooner rather than later we'll be recalling employees to our offices and staff to restaurants as business and society returns to normal, BPI continuing to monitor the effects that the rapidly evolving COVID-19 situation has on its business, BPI making responsible adjustments to its business as circumstances warrant, and other such matters are forward-looking information. When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology. The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: the COVID-19 outbreak will continue to negatively impact the restaurant industry and necessitate the closure of all Boston Pizza dining rooms and sports bars across Canada, and that the closure of all Boston Pizza dining rooms and sports bars across Canada will result in significant declines in BPI's revenue. Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others) competition, demographic trends, consumer preferences and discretionary spending patterns, business and economic conditions, legislation and regulation, reliance on operating revenues, accounting policies and practices, the results of operations and financial condition of BPI, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent most recent Management Discussion and Analysis of BPI. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release. Except as required by law, BPI assumes no obligation to update previously disclosed forward-looking information. For a complete list of the risks associated with forward-looking information and BPI's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the most recent Management Discussion and Analysis of BPI available at www.sedar.com and www.bpincomefund.com.
® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.
SOURCE Boston Pizza Royalties Income Fund
For further information: Jordan Holm, President, Tel: 604-270-1108, E-mail: [email protected], www.bostonpizza.com