Courtesy of Benzinga.
Shares of Restaurant Brands International Inc (NYSE: QSR) lost nearly 2 percent on Thursday and hit a new 52-week low of $29.28.
Investors and traders appear to have shrugged off Restaurant Brands' announcement that it plans on expanding its presence in Europe. The company said that it established a new joint venture between Burger King Europe and BK QMI Spain to expand the Burger King brand in the the country.
BK Spain has signed a long-term master franchise and development agreement, which includes sub-franchise rights for the country. Burger King already boasts more than 650 locations in Spain and has been operating in the country since 1975.
"We are excited to announce the creation of this joint venture in Spain to continue to aggressively expand the BURGER KING® brand and business in this important market," says José Cil, president of BURGER KING®. "Quick Meals and Gregorio Jimenez have been valuable partners to the BURGER KING® system for more than 30 years. Today, Quick Meals is the largest and most profitable franchisee in Spain and one of our largest and most profitable around the globe."
Posted-In: BK Spain Burger King Burger King Europe Jose Cil Restaurant stocksNews Intraday Update Movers
