PROVIDENCE, R.I. (WPRI) - Tim Hortons coffee chain plans to shut down all of its corporately run locations across southern New England.
According to a news release on its corporate website, Tim Hortons is closing 34 under-performing locations in Rhode Island and Connecticut.
The company says it's part of a plan to focus on increasing company-wide profits.
"We continued to create sales momentum in the third quarter with strong operating performances in both our Canadian and U.S. segments," said Don Schroeder, President and CEO.
"However, at the same time, we incurred an asset impairment charge and subsequently made the decision to close all of our under-performing restaurants in two markets in the New England region. We expect this decision to have a positive impact on our U.S. business in terms of our continued business progression and management focus," added Schroeder.
"We plan to reinvest a portion of the expected earnings improvement from these closures to increase our brand profile in our U.S. core growth markets where we are building critical mass."
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