Max's chicken restaurant to open branches in New Jersey, Hawaii

MANILA, Philippines - Max's Restaurant, one of the Philippines’ recognizable restaurant brands, is setting its sights on the global market, moving to open more stores in North America and the Middle East. Max’s will be opening two more restaurants in New Jersey and Hawaii in the United States within the year and one in Vancouver, Canada in 2010, company officials said. Four of the six stores in the US were franchises obtained by Filipinos working and living there. The two more stores will also be owned by franchisers. Meanwhile, the two company-owned branches are located in San Francisco and Los Angeles. The company is also looking at Dubai for its expansion, said Robert F. Trota, Max's president. Max’s is in talks and “hopefully by next year we'll open our restaurant there," he added. Max's future growth will bank on its capability to succeed in the international market, he said, thus the need to be more aggressive in its expansion overseas. In the Philippines, the company is seeking to open between three and six stores this year to end 2009 with 125 restaurants. Most of its new branches will be located in soon-to-be opened malls by both the SM and Robinsons groups. Investment for a Max's Restaurant ranges between P10 million and P22 million each, depending on size and location. Existing cash from operations and borrowings from banks will be used to fund Max's expansion. Currently, selling shares to the public is out of the company's options owing to the unfavorable market conditions, Trota said. “Our decision not to list is not stopping our expansion. The banks are still willing to lend," he said. Meanwhile, Krispy Kreme, whose exclusive Philippine franchise is owned by Max's, is set to open three to five stores this year. Trota said the Filipino's sweet tooth and chocolate addiction had been boosting the doughnut business. - GMANews.TV