“Cow Horn” and other food service chains deficit 6.4 billion yen Corona Virus impact

“Cow Horn” and other food service chains with a deficit of 6.4 billion yen Corona Virus Impact May 22 18:16

CoroWide, a large restaurant chain that operates beef horns and kappa sushi, has a net loss of 6.4 billion yen in the final profit and loss last year. Losses have escalated due to the spread of the new coronavirus and the decision to close more than 190 stores.
According to corowide’s announcement and the year-to-date financial results, sales decreased by more than ¥1.2 billion from the previous fiscal year, and the final profit and loss was a deficit of more than ¥100 million.

This is due to the decision to close 196 stores, including izakaya, in the wake of the spread of the new coronavirus infection, and the loss escalating due to a review of the value of the store.

In addition, the company said it was “undecided” that the effects of the new coronavirus could not be foreseen.

The company said, “Even after the spread of the new coronavirus, we believe that consumer behavior will change significantly due to the penetration of telework. We want to strengthen our business in line with the changes after Corona.”