It has shut 16 stores under the 12 Hotpot brand to concentrate on larger ventures in China.
According to Nikkei Asian Review, the company noted the 12 Hotpot stores have not been consolidated into its financial statements and store count since it does not hold majority ownership.
Following the closure of the stores, JFC will dissolve and liquidate 12 Hotpot Shanghai, the operating company, as well as its joint venture vehicle, WJ Investments Ltd.
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