Tim Hortons Shuts 36 Stores

Tim Hortons Inc. has closed 36 stores and plans to shut 18 kiosks in southern New England, the Buffalo News reported.

The Oakville, Ontario-based company closed all its locations in Rhode Island, Massachusetts and Connecticut last week, as it reported a 21% rise in third-quarter profits.

In addition, Tim Hortons closed two of its stores in the Portland, Maine, area. The chain still operates more than 24 other locations in Maine, the only New England state where it remains in operation.

“These restaurants represent a small portion of our overall system in the U. S, but had a disproportionately large negative impact on earnings, average unit volumes and same-store sales growth in the segment,” said Don Schroeder, Tim Hortons president and CEO said in a statement.

 

 

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