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Jollibee is also the name of Jollibee's mascot, a big bee in a blazer, shirt and chef's hat. It is an American style fast-food restaurant that caters to the Filipino taste. It specializes in chicken, burgers, and spaghetti. As of March 2006, it has 1287 stores in the Philippines and 161 in other countries. Jollibee HistoryMr. Tony Tan Caktiong and his family opened a Magnolia Ice Cream parlor at Cubao in 1975; this was later to become the first Jollibee outlet. In 1978 Jollibee Foods Corporation was born and was incorporated as a 100% Filipino Company. They later expanded to serving sandwiches and spaghetti, and before long the hot meals were outselling the ice cream. The ice cream parlors were converted into dine-in, fast-food, and drive-fast restaurants named "Jollibee". Jollibee's dominance in the Philippine fast-food market is undeniable. As of 2001, Jollibee generated P15 billion in annual revenues, which is almost double that of its foreign rival McDonald's (P8 billion). In line with the long-term goal to be the dominant food service leader in the Philippines, the company acquired Greenwich Pizza Corp. in 1994 enabling it to penetrate the pizza-pasta segment. From a 50-branch operation, Greenwich has established a strong presence in the food service industry. A year later the company acquired the franchise of Délifrance. This further expanded its penetration in the food service industry particularly in the French cafe-bakery, a growing segment of the Philippine food market. In 2000, the company acquired Chowking. It solidified the company's position as the dominant leader and allowed it to have leadership in a major fast food market - the Oriental quick service restaurant segment. In 2005, Jollibee acquired Red Ribbon Bakeshop, another popular fast-food in the Philippines. Along with its Philippine brands, the company also runs a Chinese fast food chain, Yonghe King, in mainland China, and a popular teahouse chain from Taiwan called Chun Shui Tang (Spring Water Hall). Chun Shui Tang teahouse opened a branch on Shanghai's Huaihai Road on June 30, 2006.
Recent movesIn early 2006, Jollibee Foods Corp. bought out the remaining shares of its partners in Greenwich Pizza Corp., equivalent to a 20% stake, for P384 million in cash. On September 2006, the company acquired the remaining 50% stake of Delifrance Asia Ltd. in Baker Fresh Foods Phils., Inc. (BFFPI). This means BFFPI is now a wholly owned subsidiary of Jollibee and that the listed food giant has the exclusive rights to operate Delifrance outlets in the country. "The acquisition involved a restructuring of all advances by Jollibee and Delifrance Asia amounting to P130 million into equity," a public statement said. Jollibee added that the strong sales posted by Delifrance encouraged it to buy out its partner.
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