Japan Foods to close three outlets

Recently-listed Japan Foods Holdings has announced that it will be closing three of its restaurants when their leases expire.

The first two are Ajisen Ramen outlets located at Changi Airport Terminal 1 and Takashimaya Shopping Centre whose leases end this June and July respectively. The third is Hokkyokusei whose lease at Takashimaya Shopping Centre expires this July.

The closure of three outlets, said the company in a filing with the Singapore Exchange, is due to "renovation plans of the lessors at the respective locations". The closures are not expected to result in any significant write-up of fixed assets for the firm.

Japan Foods was floated on Catalist in February this year.

It is also not renewing the lease of Aji Tei restaurant at Bugis Junction, expiring April 30. This was disclosed in its offer document. The closure is due to "recent performance of that particular restaurant and other business circumstances". The write-off of fixed assets for its closure was $200,000 for the year ended Mar 31.

The firm said while it is committed to expand, it will adopt "a measured approach" in view of the economic environment. On Thursday, it opened a 13,000-sq-ft food court, Manpuku, at the Tampines 1 mall.

From TODAY, Business – Monday, 13-April-2009