(Bloomberg) -- Vapiano SE, a German restaurant chain in talks with banks over its future financing, plans to slow down the speed of new branch openings and focus on its most profitable markets as part of a strategy overhaul.
The restaurant chain aims to reduce the complexity of its business model and to cut waiting times for customers, Vapiano said in a statement on Saturday. The management board is in talks with banks on its long-term financing plans.
Vapiano issued preliminary numbers for 2018 late Friday and said it won't reach forecasts for sales and adjusted Ebitda.
“After a very disappointing operating performance in the financial year 2018, we will take advantage of the year 2019 to create a strategic transition and significantly reduce the complexity of our business model,” CEO Cornelius Everke said in Saturday's statement. “Our top priority is to increase the company's profitability."
To contact the reporter on this story: David Verbeek in Frankfurt at dverbeek1@bloomberg.net
To contact the editors responsible for this story: Erhard Krasny at ekrasny@bloomberg.net, James Amott
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