Jollibee Loses $2.3 Billion in U.S. Gamble -- Bloomberg

Jollibee owner Tony Tan Caktiong

Jollibee Foods Corp. set out on an expansion in the U.S., spending $540 million buying Smashburger and Coffee Bean & Tea Leaf Co. Even as the two money-losing chains turn out to be a drag on earnings, the coronavirus outbreak is now threatening to hit its sales (See Bloomberg for story).