Max's Group to close Le Coeur chain

Casual dining chain operator Max's Group Inc. is closing its French-inspired coffee shop, Le Coeur de France.

In a social media announcement, the company said its last day of operations will be on February 19, Friday.

"While we are saddened that we will no longer be part of your daily routine, we are deeply grateful for the opportunity to have been part of your community," the post said.

Le Coeur de France is a coffee shop, restaurant and boulangerie offering assorted artisan breads, pasta dishes, gourmet sandwiches and pastries.

It is part of several homegrown and international brands under the Max's group, which include the flagship Max's restaurant, Max's Corner Bakery, Krispy Kreme, Jamba Juice, Pancake House, Yellow Cab, Dencio's, Teriyaki Boy, Sizzling Pepper Steak, Kabisera and Maple.

"The closure is part of on-going rationalization program to improve store network quality. Brand will be back burnered for now," said Paul Cheah, investor relations manager at Max's Group in a text message.

The Max's group recently embarked on a P350 million share buyback program for the next two years, amid a volatile global financial market affecting prices of local equities.

"(Le Coeur's) revenue contribution is minimal with only four stores," added Cheah.

Max's Group Inc. is expected to double its current store count and breach the 1,000 store network by year 2022, as it banks on continued overseas expansion and franchising to support growth.