The closures are a result of the brand's short-term strategic adjustment.
According to Caixin, Hong Kong fast food chain Cafe de Coral Holdings Ltd. has seen its profit drop 11.7% to HK$518 million ($66 million) in the financial year ending Mar. 31, 2017. Its Hong Kong businesses achieved a 5% growth in revenue while sales from southern China declined 7%.
The group said it would resume its expansion when the economy begins to recover.
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