00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Guzmany Gomez announced it would exit the U.S. market and refocus on Australia, according to CNBC.
00:08The announcement sent shares up as much as 20.58% on Friday before closing 9.57% higher
00:15at $19.81 Australian dollars or $14.13.
00:20Founder and co-CEO Stephen Marks said the U.S. expansion would require more time and capital
00:26than anticipated, and that current U.S. performance could not justify continued investment of
00:31shareholder capital. The company said its U.S. exit does not change its belief in the GYG brand's
00:37global appeal or its plans for disciplined international expansion. City analysts Sam
00:43Teeger and Eileen Lee backed the decision and noted growth potential remains in Australia,
00:48where the company operates 237 restaurants and targets 1,000 long-term.
00:53For all things money, visit Benzinga.com.
Comments