Iconic Canadian coffee and doughnut chain Tim Hortons is aggressively expanding into China with plans to open 1,500 stores in the world’s most populous country and second-largest economy.
Tim Hortons announced on Wednesday that it has reached a joint venture agreement with Cartesian Capital Group that will lead to 1,500 Tim Hortons restaurants in China over the next decade. Tim Hortons said the Chinese restaurants will be opened under a master franchise joint venture with private equity firm Cartesian Capital Group.
Tim Hortons, which has more than 4,700 across the world, has seen sales falling over the last two years. In April, the company said it plans to spend $700 million to revamp the coffee chain, following a round of bad publicity over its management of outlets.
