Jollibee founder's net worth falls nearly 40% amidst sluggish sales: Forbes

Lack of fully operating dine-in services cut sales by nearly half.

Jollibee founder Tony Tan Caktiong saw his wealth nearly cut in half to $1.9 billion after the Philippine fast food outlet was forced to shutter stores due to the ongoing health crisis.

According to Forbes, the executive’s net worth dropped by 37% as the lack of fully operating dine-in services cut sales by nearly half and sent Jollibee’s shares down more than 40%.

Whilst nearly 90% of his Jollibee eateries had reopened by the end of June, most were limited to delivery and takeout.

Jollibee Foods Corporation, the conglomerate behind the namesake fast food brand, continues to bank on international expansion, recently opening outlets in North America and the UK.